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S&P Global Ratings Top 40 Global Reinsurers And Reinsurers By Country: 2022

(Editor's Note: This article, originally published on August 30, 2022, has been republished to clarify some figures in Tables 1 and 2. A corrected version follows.)

To bring you the 2022 edition of Global Reinsurance Highlights, S&P Global Ratings sought data on 152 reinsurance organizations from 32 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 endeavoured 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 Footnote 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
1

Munich Reinsurance Co.

Germany AA- Stable 1 44,598.7 42,937.0 2,131.1 209.3 99.7 105.7 52,958.3 42,286.0 4.8 0.4
2

Swiss Reinsurance Co.

Switzerland AA- Negative 2 43,220.0 39,827.0 1,294.0 -2,820.0 92.4 110.6 23,568.0 27,135.0 2.8 -6.4
3

Hannover RE

Germany AA- Stable 28,267.7 27,318.6 1,517.8 893.7 98.0 101.9 13,885.8 14,090.2 5.2 3.2
4

Berkshire Hathaway Insurance Group

U.S. AA+ Stable 20,579.0 19,761.0 -930.0 -2,700.0 104.3 N.A. 301,000.0 237,000.0 -4.6 -14.4
5

SCOR SE

France AA- Negative 16,308.6 17,713.0 651.6 449.5 100.6 100.2 7,261.0 7,477.6 4.0 2.5
6

China Reinsurance (Group) Corp.

China A Stable 16,226.0 15,446.8 1,615.2 1,010.9 95.1 101.8 16,148.8 15,765.4 8.8 5.9
7

Lloyd's

U.K. A+ Stable 3 14,319.7 12,296.1 662.3 -896.9 95.2 107.6 48,432.5 45,315.6 4.8 -7.6
8

Reinsurance Group of America, Inc.

U.S. AA- Stable 12,513.0 11,694.0 121.0 627.0 N.A. N.A. 13,014.0 14,352.0 0.7 4.3
9

Everest Re Group Ltd

Bermuda A+ Stable 11,445.5 9,117.0 1,259.5 325.3 97.8 102.9 9,450.9 8,915.3 10.9 3.5
10

PartnerRe Ltd.

Bermuda A+ Stable 7,134.0 6,301.0 N.A. N.A. 90.5 106.0 7,544.0 7,327.0 N.A. N.A.
11

RenaissanceRe Holdings Ltd.

Bermuda A+ Stable 5,939.4 4,096.3 N.A. N.A. 103.8 105.7 6,624.3 7,560.2 N.A. N.A.
12

Sompo Holdings Inc.

Japan A+ Stable 5,901.2 5,223.5 N.A. N.A. N.A. N.A. 21,910.4 21,530.6 N.A. N.A.
13

Transatlantic Holdings Inc.

U.S. A+ Watch positive 5,387.4 4,845.0 319.1 97.8 99.5 103.6 5,398.4 5,377.1 5.5 2.0
14

General Insurance Corp. of India

India N.R. 5,347.2 5,814.1 513.2 421.3 108.1 113.1 3,940.3 3,603.9 7.6 6.3
15

MS&AD Insurance Group Holdings, Inc.

Japan A+ Stable 5,117.0 4,838.0 N.A. N.A. N.A. N.A. 41,845.1 40,609.9 N.A. N.A.
16

Korean Reinsurance Co.

South Korea A Stable 5,089.4 5,426.6 159.8 191.8 102.2 99.9 2,280.6 2,379.5 3.0 3.5
17

Fairfax Financial Holdings Ltd.

Canada A Stable 4,582.3 3,625.7 206.3 286.2 100.4 96.6 15,049.6 12,521.1 4.8 8.0
18

Mapfre Re, Compania de Reaseguros, S.A.

Spain A+ Stable 4,159.3 3,976.8 220.4 27.3 97.1 100.7 2,043.7 2,151.5 5.4 0.7
19

R+V Versicherung AG

Germany A+ Stable 3,916.8 4,295.3 334.7 60.0 97.3 105.7 7,029.7 7,575.0 8.0 1.3
20

Arch Capital Group Ltd.

Bermuda A+ Stable 3,254.4 2,457.4 949.0 330.0 94.2 99.5 9,489.8 9,278.0 31.3 13.7
21

Toa Reinsurance Co.

Japan A+ Negative 2,732.8 2,601.8 -115.2 -13.5 108.5 105.3 2,873.9 2,774.4 -4.1 -0.5
22

Tokio Marine & Nichido Fire Insurance Co. Ltd.

Japan A+ Stable 2,621.7 2,573.1 2,888.3 1,423.0 N.A. N.A. 26,638.3 26,568.9 N.A. N.A.
23

Taiping Reinsurance Co. Ltd.

Hong Kong A Negative 2,483.2 2,173.1 -127.1 -92.3 103.9 103.9 1,508.0 1,557.1 -5.9 -5.1
24

AXIS Capital Holdings Ltd.

Bermuda A+ Stable 2,031.7 1,978.9 N.A. N.A. 99.0 103.8 5,410.7 5,295.7 N.A. N.A.
25

Ascot Group Ltd.

Bermuda A- Stable 1,981.6 1,299.8 -24.4 155.3 97.4 92.9 1,712.5 1,747.2 -1.5 13.7
26

Caisse Centrale de Reassurance

France AA Stable 1,972.1 2,099.5 327.6 -92.3 66.9 110.9 6,996.2 6,740.8 15.1 -4.3
27

Peak Reinsurance Co. Ltd.

Hong Kong N.R. 1,793.9 1,517.3 73.5 93.7 98.6 93.9 1,218.9 1,236.3 4.1 6.6
28

Allianz SE

Germany AA Stable 4 1,509.9 1,486.0 97.5 30.3 91.9 97.8 N.A. N.A. 6.6 2.2
29

QBE Insurance Group Ltd.

Australia A+ Stable 1,482.0 1,245.0 126.0 -94.0 90.7 109.1 8,882.0 8,492.0 9.3 -7.8
30

SiriusPoint Ltd.

Bermuda A- Watch negative 1,417.3 2,053.1 -268.9 -188.7 120.0 111.8 2,642.4 2,436.8 -19.6 -7.7
31

Aspen Insurance Holdings Ltd.

Bermuda A- Stable 1,199.0 1,302.1 60.6 -23.2 94.6 101.8 2,770.6 2,997.6 5.4 -1.7
32

Markel Corporation

U.S. A Stable 1,126.2 960.1 -55.2 -34.0 105.3 103.7 N.A. N.A. -5.3 -3.7
33

Deutsche Rückversicherung AG

Germany A+ Stable 1,056.6 949.0 25.5 75.6 101.9 94.9 1,226.5 1,264.2 2.3 7.6
34

PICC Reinsurance Co. Ltd.

China A- Stable 981.8 710.4 -36.6 18.4 104.5 104.6 634.5 597.2 -3.7 2.3
35

Chubb Tempest Reinsurance Ltd.

Bermuda AA Stable 956.8 881.4 284.3 388.8 108.7 92.5 N.A. N.A. 22.5 32.1
36

W. R. Berkley Corporation

U.S. A+ Stable 827.1 N.A. N.A. N.A. N.A. N.A. 6,653.0 N.A. N.A. N.A.
37

Convex Group Limited

Bermuda A- Stable 808.0 462.2 -200.0 -160.7 131.8 171.3 2,400.3 2,478.3 -29.5 -55.7
38

Qatar Reinsurance Co. Ltd.

Bermuda A Negative 767.6 914.3 -202.7 -174.8 124.8 115.5 782.7 779.7 -22.9 -14.8
39

Central Reinsurance Corp.

Taiwan A Stable 701.0 607.9 66.1 44.1 92.7 97.2 724.8 602.3 9.4 7.3
40

African Reinsurance Corp.

Nigeria A- Stable 666.4 651.1 40.9 14.0 93.5 95.8 1,000.7 1,017.1 5.7 2.0
Totals: 292,423.3 273,476.4 13,985.3 -117.0 98.1 105.0 682,951.2 598,836.3 4.0 -0.6
Rating = Financial strength ratings of core operating entities of the groups as of Aug. 23, 2022. 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 (%)
2021 2020 Change % 2021 2020 2021 2020 2021 2020 Change % 2021 2020
Australia
QBE Insurance Group Ltd.* A+ Stable 1,482.0 1,245.0 19.0 126.0 -94.0 90.7 109.1 8,882.0 8,492.0 4.6 9.3 -7.8
Munich Re Co. of Australasia Ltd. AA- Stable 454.1 477.7 -4.9 243.8 -91.7 N.A. N.A. 1,021.2 888.1 15.0 59.4 -14.9
Hannover Life Re of Australasia Ltd. AA- Stable 407.4 417.3 -2.4 118.7 -64.0 N.A. N.A. 398.7 417.9 -4.6 25.3 -13.5
General Reinsurance Life Australia Ltd. AA+ Stable 224.9 220.8 1.9 8.0 -8.8 N.A. N.A. 0.0 0.0 N.A. 3.5 -3.8
SCOR Global Life Australia AA- Negative 99.5 55.1 80.5 5.1 -4.2 N.A. N.A. 88.0 99.2 -11.3 4.3 -6.1
General Reinsurance Australia Ltd. AA+ Stable 71.0 92.9 -23.5 35.2 8.5 52.5 96.6 275.3 265.1 3.8 46.3 8.6
Swiss Re Life & Health Australia Ltd. AA- Negative N.A. 793.2 N.A. -4.4 -18.5 N.A. N.A. 1,019.3 1,097.2 -7.1 -0.5 -2.1
Total: 2,738.9 3,301.9 -17.1 532.4 -272.8 88.6 108.2 11,684.5 11,259.5 3.8 15.2 -7.6
Bahrain
Hannover Re Takaful A+ Stable 163.8 199.8 -18.0 12.6 21.2 77.1 93.3 217.6 204.6 6.3 7.2 10.9
Total: 163.8 199.8 -18.0 12.6 21.2 77.1 93.3 217.6 204.6 6.3 7.2 10.9
Barbados
Wentworth NR 131.1 129.9 0.9 25.6 3.4 96.3 98.0 342.5 293.1 16.9 17.5 2.7
Total: 131.1 129.9 0.9 25.6 3.4 96.3 98.0 342.5 293.1 16.9 17.5 2.7
Bermuda
Sompo International Holdings Ltd.* A+ Stable 3,415.6 3,072.1 11.2 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Partner Reinsurance Company Ltd A+ Stable 3,194.6 2,777.0 15.0 N.A. N.A. 90.6 112.1 4,736.7 4,127.0 14.8 N.A. N.A.
Arch Reinsurance Ltd. A+ Stable 2,311.1 1,677.6 37.8 900.8 363.0 93.9 96.7 6,875.4 7,294.8 -5.7 41.6 21.8
Renaissance Reinsurance Ltd. A+ Stable 2,099.8 1,513.9 38.7 N.A. N.A. 93.8 102.5 2,250.0 2,250.0 0.0 N.A. N.A.
Everest Reinsurance (Bermuda) Ltd. A+ Stable 2,088.1 1,437.4 45.3 787.5 176.7 75.8 105.4 3,184.1 2,930.3 8.7 34.5 10.7
Ascot Group Limited* A- Stable 1,981.6 1,299.8 52.5 -24.4 155.3 97.4 92.9 1,712.5 1,747.2 -2.0 -1.5 13.7
Hannover Re Bermuda Ltd. AA- Stable 1,172.0 632.7 85.2 511.4 255.3 69.1 70.1 1,967.0 2,042.0 -3.7 43.2 38.2
Allied World Assurance Company Holdings, GmbH* A Stable 1,106.1 873.4 26.6 19.1 69.0 101.1 95.6 4,792.3 4,385.8 9.3 1.8 8.5
Chubb Tempest Reinsurance Ltd. AA Stable 873.1 730.9 19.5 259.8 355.0 108.7 92.5 N.A. N.A. N.A. 23.0 35.4
Qatar Reinsurance Co. Ltd. A Negative 767.6 914.3 -16.0 -202.7 -174.8 124.8 115.5 782.7 779.7 0.4 -22.9 -14.8
DaVinci Reinsurance Ltd. A+ Stable 682.2 519.0 31.4 N.A. N.A. 117.6 90.8 2,251.4 2,135.0 5.5 N.A. N.A.
Fidelis Insurance Bermuda Ltd. A- Stable 672.4 591.8 13.6 24.7 143.5 N.A. N.A. 1,778.4 1,837.9 -3.2 3.3 26.6
SiriusPoint Bermuda Insurance Company Ltd. A- Watch Neg 424.3 N.A. N.A. -104.6 N.A. 121.5 N.A. 3,544.5 N.A. N.A. -21.4 N.A.
International General Insurance Co. Ltd. A- Stable 382.6 338.4 13.1 77.2 54.0 77.6 81.0 408.1 391.0 4.4 21.9 18.4
Aspen Bermuda Ltd. A- Stable 372.2 241.5 54.1 -76.7 31.6 126.7 85.0 1,131.0 1,334.0 -15.2 -26.7 11.4
Convex Reinsurance Limited A- Stable 363.3 176.6 105.7 -80.2 -115.6 128.1 224.8 1,938.7 2,081.5 -6.9 -25.0 -105.6
Lancashire Insurance Co. Ltd. A- Stable 290.4 126.2 130.2 -14.6 21.2 114.9 81.8 1,431.1 1,285.7 11.3 -3.4 7.6
Markel Bermuda Ltd. A Stable 156.1 143.0 9.1 -44.5 102.4 125.7 36.4 N.A. N.A. N.A. -25.7 63.6
Hiscox Insurance Co. (Bermuda) Ltd. A Stable 150.6 100.0 50.6 29.3 -40.8 50.4 137.9 1,294.2 1,268.1 2.1 18.1 -23.2
Vermeer Reinsurance Ltd NR 96.8 87.8 10.2 N.A. N.A. 59.2 36.7 1,197.8 1,109.6 7.9 N.A. N.A.
Chubb Tempest Life Reinsurance, Ltd. AA Stable 83.7 150.5 -44.4 24.5 33.8 N.A. N.A. N.A. N.A. N.A. 18.0 16.3
AXIS Specialty Limited A+ Stable 61.7 119.9 -48.6 N.A. N.A. 31.6 83.2 3,130.0 3,190.2 -1.9 N.A. N.A.
Top Layer Reinsurance Ltd. AA Stable 21.6 22.4 -3.6 N.A. N.A. 23.7 24.3 51.8 53.9 -3.9 N.A. N.A.
Total: 22,767.4 17,546.2 29.8 2,086.6 1,429.4 94.7 100.5 44,457.6 40,243.6 10.5 15.6 14.1
Bosnia And Herzegovina
Bosna Re NR 15.8 16.0 -1.5 1.6 1.5 81.4 84.2 19.0 19.8 -3.9 10.2 9.4
Total: 15.8 16.0 -1.5 1.6 1.5 81.4 84.2 19.0 19.8 -3.9 10.2 9.4
Canada
SCOR Canada Reinsurance Co. AA- Negative 235.6 195.4 20.6 42.4 29.9 84.1 87.5 135.1 124.8 8.2 18.2 15.7
Munich Reinsurance Co. of Canada AA- Stable 198.1 178.2 11.2 31.5 22.6 90.2 96.1 203.0 187.0 8.6 14.7 12.1
Temple Insurance Company A+ Stable 130.5 134.7 -3.1 19.1 -18.4 92.8 122.9 205.0 199.1 3.0 11.9 -11.8
Total: 564.1 508.3 11.0 93.1 34.1 88.5 100.6 543.1 510.9 6.3 15.3 6.4
China
China Property & Casualty Re Co. Ltd. A Stable 5,810.5 4,981.1 16.6 399.9 232.9 99.6 102.2 3,571.0 3,350.2 6.6 6.7 4.3
PICC Reinsurance Co. Ltd. A- Stable 981.8 710.4 38.2 -36.6 18.4 104.5 104.6 634.5 597.2 6.3 -3.7 2.3
Total: 6,792.3 5,691.6 19.3 363.3 251.2 100.3 102.5 4,205.5 3,947.4 6.5 5.2 4.0
Czech Rep.
VIG RE A+ Stable 466.8 445.8 4.7 19.9 15.5 96.1 96.9 204.5 221.3 -7.6 4.2 3.4
Total: 466.8 445.8 4.7 19.9 15.5 96.1 96.9 204.5 221.3 -7.6 4.2 3.4
France
SCOR SE AA- Negative 6,327.4 5,748.8 10.1 5.7 376.6 111.1 108.5 4,234.9 5,039.3 -16.0 0.1 5.8
Caisse Centrale de Reassurance AA Stable 1,072.6 1,349.1 -20.5 270.6 -99.0 50.5 113.4 6,225.1 5,975.4 22.8 20.8 -7.0
CCR Re A Stable 899.5 750.3 19.9 63.3 6.7 95.4 103.2 975.2 1,009.5 46.5 7.3 0.9
SCOR Europe AA- Negative 10.6 7.3 46.8 0.4 1.4 66.9 65.5 77.1 27.6 179.7 9.3 30.7
Total: 8,310.2 7,855.5 5.8 340.0 285.7 100.3 108.8 11,512.3 12,051.7 8.9 3.9 3.3
Germany
Munich Reinsurance Co. AA- Stable 23,911.9 25,697.4 -6.9 3,274.0 1,889.5 97.1 103.6 45,622.2 43,251.5 5.5 12.0 6.5
Hannover Rückversicherung SE AA- Stable 17,217.2 16,055.3 7.2 1,213.3 1,168.0 100.1 102.3 1,574.6 15,722.1 -90.0 6.6 6.6
General Reinsurance AG AA+ Stable 4,485.8 4,621.4 -2.9 37.0 81.2 106.0 103.3 5,255.9 5,143.3 2.2 0.8 1.8
R+V Versicherung AG A+ Stable 3,916.8 4,295.3 -8.8 334.7 60.0 97.3 105.7 7,029.7 7,575.0 -7.2 8.0 1.3
E+S Rückversicherung AG AA- Stable 2,791.5 2,884.8 -3.2 112.6 159.5 102.4 96.9 2,972.1 3,119.0 -4.7 3.8 5.3
Allianz SE AA Stable 1,509.9 1,486.0 1.6 97.5 30.3 91.9 97.8 N.A. N.A. N.A. 6.6 2.2
Deutsche Rückversicherung AG A+ Stable 725.4 668.4 8.5 24.8 68.8 100.7 88.6 1,025.1 1,048.3 -2.2 3.3 10.0
DEVK Re A+ Stable 658.5 638.4 3.1 102.0 93.0 101.4 92.5 1,481.6 1,564.7 -5.3 11.0 10.7
Total: 55,217.1 56,347.1 -2.0 5,195.9 3,550.3 99.0 102.6 64,961.3 77,423.9 -16.1 8.6 5.7
Hong Kong
Taiping Reinsurance Co. Ltd. A Negative 2,483.2 2,173.1 14.3 -127.1 -92.3 103.9 103.9 1,508.0 1,557.1 -3.2 -5.9 -5.1
Peak Reinsurance Co. Ltd. NR 1,793.9 1,517.3 18.2 73.5 93.7 98.6 93.9 1,218.9 1,236.3 -1.4 4.1 6.6
SCOR Reinsurance Co. (Asia) Ltd. AA- Negative 73.7 106.7 -30.9 13.2 -6.2 46.9 96.9 207.3 222.1 -6.6 17.0 -2.8
Total: 4,350.9 3,797.1 14.6 -40.4 -4.8 100.4 99.4 2,934.2 3,015.6 -2.7 -1.0 -0.1
Iran
Iranian Reinsurance Co. NR 65.2 43.2 50.9 146.6 76.9 97.1 87.6 548.4 358.8 52.8 68.6 68.3
Total: 65.2 43.2 50.9 146.6 76.9 97.1 87.6 548.4 358.8 52.8 68.6 68.3
Ireland
Hannover Reinsurance (Ireland) DAC AA- Stable 5,146.9 4,713.6 9.2 21.6 8.1 81.2 101.4 690.8 775.7 -11.0 0.4 0.2
SCOR Life Ireland DAC. AA- Negative 2,416.9 3,283.0 -26.4 864.1 172.2 N.A. N.A. 3,462.8 2,833.9 22.2 31.6 5.1
SCOR Global Life Reinsurance Ireland Ltd. AA- Negative 1,328.9 1,544.3 -13.9 96.4 1.7 N.A. N.A. 1,776.1 1,706.4 4.1 6.9 0.1
Partner Reinsurance Europe SE A+ Stable 1,155.2 1,081.3 6.8 N.A. N.A. 67.3 89.7 2,986.2 3,050.8 -2.1 N.A. N.A.
AXIS Re SE A+ Stable 714.8 761.4 -6.1 N.A. N.A. 108.1 103.3 908.3 921.4 -1.4 N.A. N.A.
Arch Re Europe A+ Stable 89.6 76.7 16.8 0.0 N.A. 76.2 71.1 6,625.9 N.A. N.A. 0.0 N.A.
Fidelis Insurance Ireland DAC A- Stable 3.5 0.6 438.2 5.4 -3.8 N.A. N.A. 104.8 101.5 3.3 95.9 -333.2
Total: 10,855.8 11,460.9 -5.3 987.5 178.1 81.9 99.2 16,554.8 9,389.7 76.3 10.5 1.9
Italy
Società Cattolica A Stable 18.6 23.3 -20.2 -1.7 -0.3 107.2 96.1 3,059.2 2,913.7 5.0 -1.0 -0.1
TUA Assicurazioni NR 0.0 0.0 -664.6 0.1 0.1 N.M. N.M. 30.8 20.7 48.7 0.6 0.7
BCC Assicurazioni NR 0.0 0.1 -104.6 0.0 0.0 239.9 43.1 7.6 7.1 8.0 -2.4 4.7
Total: 18.6 23.3 -20.4 -1.6 -0.1 107.2 96.0 3,097.7 2,941.5 5.3 -0.9 -0.1
Japan
Tokio Marine & Nichido Fire Insurance Co. Ltd. A+ Stable 2,621.7 2,573.1 1.9 2,888.3 1,423.0 N.A. N.A. 26,638.3 26,568.9 0.3 136.2 77.9
Toa Reinsurance Co. A+ Negative 1,875.4 1,898.5 -1.2 -12.2 48.4 104.3 101.7 2,394.3 2,299.5 4.1 -0.6 2.5
Aioi Nissay Dowa Insurance Co. Ltd. A+ Stable 1,803.7 1,792.7 0.6 N.A. N.A. N.A. N.A. 10,771.1 10,856.8 -0.8 N.A. N.A.
Mitsui Sumitomo Insurance Co. Ltd. A+ Stable 1,561.2 1,541.3 1.3 N.A. N.A. N.A. N.A. 24,778.9 22,847.8 8.5 N.A. N.A.
Sompo Japan Nipponkoa Insurance Inc. A+ Stable 1,342.1 1,457.8 -7.9 N.A. N.A. N.A. N.A. 17,598.3 17,159.8 2.6 N.A. N.A.
Total: 9,204.1 9,263.4 -0.6 2,876.2 1,471.5 104.3 101.7 82,180.9 79,732.9 3.1 70.1 39.4
Kazakhstan
Eurasia Insurance Co. BBB Stable 121.9 103.5 17.8 14.5 10.3 86.8 89.1 498.5 456.7 9.2 8.5 6.4
Total: 121.9 103.5 17.8 14.5 10.3 86.8 89.1 498.5 456.7 9.2 8.5 6.4
Kuwait
Kuwait Reinsurance Co. K.S.C.P. NR 219.0 167.3 30.9 21.0 12.9 88.3 93.6 208.4 186.8 11.6 9.6 7.3
Total: 219.0 167.3 30.9 21.0 12.9 88.3 93.6 208.4 186.8 11.6 9.6 7.3
Luxembourg
Swiss Re Europe S.A. AA- Negative 8,418.3 8,636.5 -2.5 1,011.4 395.0 97.7 99.2 1,990.8 2,055.0 -3.1 29.1 10.5
TransRe Europe S.A. Luxembourg A+ Watch Pos 157.6 158.5 -0.6 -109.8 -17.7 177.9 113.2 375.7 432.9 -13.2 -66.8 -10.7
Convex Europe S.A. A- Stable -0.1 N.A. N.A. 0.2 N.A. 620.7 N.A. 83.7 N.A. N.A. -539.3 N.A.
CattRe S.A. NR N.M. N.M. N.M. 2.9 -2.1 88.0 26.7 4.1 4.3 -3.5 -6.6 6.0
Total: 8,575.8 8,795.0 -2.5 904.7 375.2 101.6 100.5 2,454.3 2,492.2 -1.5 25.1 9.7
Nigeria
African Reinsurance Corp. A- Stable 535.1 529.1 1.1 43.8 13.7 92.1 94.3 939.0 955.4 -1.7 7.5 2.4
Total: 535.1 529.1 1.1 43.8 13.7 92.1 94.3 939.0 955.4 -1.7 7.5 2.4
Poland
Polskie Towarzystwo Reasekuracji S.A. NR 131.7 111.8 17.9 2.0 3.1 98.3 97.5 71.2 81.8 -13.0 1.5 2.8
Total: 131.7 111.8 17.9 2.0 3.1 98.3 97.5 71.2 81.8 -13.0 1.5 2.8
Saudi Arabia
Saudi Re for Cooperative Reinsurance Co. NR 255.4 206.0 24.0 14.9 17.1 88.5 89.1 256.8 246.1 4.3 0.1 9.4
Total: 255.4 206.0 24.0 14.9 17.1 88.5 89.1 256.8 246.1 4.3 0.1 9.4
Singapore
SCOR Reinsurance Asia-Pacific AA- Negative 955.0 749.7 27.4 -1.9 77.1 107.2 118.4 199.2 158.1 26.0 -0.2 10.5
Singapore Re NR 40.0 N.A. N.A. 12.3 N.A. 61.5 N.A. 204.3 N.A. N.A. 41.8 N.A.
Total: 995.0 749.7 32.7 10.4 77.1 105.9 118.4 403.5 158.1 155.3 1.1 10.5
Slovenia
Triglav Re, Reinsurance Co. Ltd. A Stable 134.8 130.2 3.5 14.0 6.4 90.5 94.9 108.7 106.5 2.0 10.3 5.3
Sava Reinsurance Company d.d. A Stable 117.5 123.8 -5.1 61.0 -16.6 103.2 105.6 422.1 408.6 3.3 24.4 -8.7
Total: 252.3 254.0 -0.7 74.9 -10.2 97.9 101.5 530.8 515.1 3.0 19.4 -3.3
South Africa
Munich Reinsurance Co. of Africa Ltd. AA- Stable 351.6 348.6 0.9 -114.9 35.0 98.3 101.0 103.5 234.0 -55.8 -21.4 6.0
Swiss Re Africa Ltd. AA- Negative 239.3 296.9 -19.4 -29.4 -49.2 102.8 134.3 13.6 33.2 -59.0 -12.2 -15.7
Hannover Reinsurance Africa Ltd. AA- Stable 174.1 94.4 84.5 -46.2 12.6 92.9 N.A. 104.1 68.2 52.6 -24.9 11.8
General Reinsurance Africa Ltd. AA+ Stable 146.7 205.4 -28.6 -149.6 -9.3 N.M. N.M. 81.7 146.0 -44.1 -79.8 -3.8
African Re Corp. (South Africa) Ltd. A- Stable 128.3 139.8 -8.3 -2.9 0.4 99.7 99.1 61.6 61.3 0.4 -2.1 0.2
GIC Re South Africa Ltd. BB+ Stable 27.3 21.1 29.4 7.3 8.9 76.5 146.8 105.5 91.8 14.9 14.9 17.8
Total: 1,067.1 1,106.1 -3.5 -335.8 -1.7 84.4 90.5 470.0 634.5 -25.9 -25.1 -0.1
South Korea
Korean Reinsurance Co. A Stable 5,039.2 5,392.5 -6.6 184.8 201.6 101.7 99.7 2,149.1 2,265.4 -5.1 3.5 3.7
Total: 5,039.2 5,392.5 -6.6 184.8 201.6 101.7 99.7 2,149.1 2,265.4 -5.1 3.5 3.7
Spain
Mapfre Re, Compania de Reaseguros, S.A. A+ Stable 4,016.1 3,785.3 6.1 203.5 14.1 96.8 100.9 1,942.4 2,050.2 -5.3 5.2 0.4
Nacional de Reaseguros S.A. A Stable 586.3 583.8 0.4 29.9 37.9 96.7 97.6 519.1 533.6 -2.7 5.0 6.4
Total: 4,602.4 4,369.0 5.3 233.5 52.0 96.8 100.4 2,461.5 2,583.7 -4.7 5.2 1.2
Sweden
SiriusPoint International Insurance Corporation A- Watch Neg 850.9 N.A. N.A. -157.6 N.A. 119.5 N.A. 1,391.0 N.A. N.A. -19.2 N.A.
850.9 0.0 N.A. -157.6 0.0 119.5 0.0 1,391.0 0.0 N.A. -19.2 0.0
Switzerland
Swiss Reinsurance Co. Ltd. AA- Negative 10,757.7 9,176.9 17.2 -1,087.8 -807.3 104.6 131.0 19,554.4 16,741.8 16.8 -9.3 -6.3
Swiss Re Asia Ltd AA- Negative 5,171.2 4,172.6 23.9 481.9 -462.7 N.A. N.A. N.A. N.A. N.A. 9.2 -9.8
New Reinsurance Ltd. AA- Stable 2,278.4 6,141.8 -62.9 -296.8 -261.4 99.1 91.0 1,887.2 1,811.7 4.2 -11.7 -4.1
MS Amlin AG A Stable 1,728.4 1,506.4 14.7 -361.2 -114.1 125.4 106.8 N.A. N.A. N.A. -24.1 -7.1
SCOR Switzerland AG AA- Negative 1,308.2 806.6 62.2 113.3 335.7 92.8 74.5 1,341.1 1,482.5 -9.5 8.7 27.7
Renaissance Reinsurance Europe AG A+ Stable 945.9 639.1 48.0 N.A. N.A. 111.4 106.3 1,043.6 1,093.6 -4.6 N.A. N.A.
DR Swiss, Deutsche Rückversicherung Schweiz AG A+ Stable 345.2 277.7 24.3 -2.1 -6.6 104.6 105.8 343.8 358.6 -4.1 -0.6 -2.3
Echo Rückversicherungs-AG A- Stable 231.4 222.2 4.1 5.5 -7.3 94.9 95.8 180.7 153.9 17.5 2.6 -4.3
The Toa 21st Century Reinsurance Company A+ Negative 227.2 142.6 59.3 -40.2 -2.4 123.8 101.6 411.0 452.2 -9.1 -22.2 -2.1
SIGNAL IDUNA Rückversicherungs AG NR 206.7 217.7 -5.1 11.5 13.2 96.5 96.7 251.7 285.0 -11.7 5.3 6.0
Korean Reinsurance Switzerland AG A Stable 31.7 21.6 46.8 -22.5 -9.1 188.6 160.8 112.1 94.4 18.7 -87.0 -64.8
Total: 23,231.8 23,325.2 -0.4 -1,198.5 -1,322.0 105.2 113.2 25,125.7 22,473.6 11.8 -5.1 -4.8
Taiwan
Central Reinsurance Corp. A Stable 701.0 607.9 15.3 66.1 44.1 92.7 97.2 724.8 602.3 20.3 9.4 7.3
Total: 701.0 607.9 15.3 66.1 44.1 92.7 97.2 724.8 602.3 20.3 9.4 7.3
Turkey
Milli Reasurans T.A.S.§ trA- 161.8 212.8 -24.0 16.6 8.4 150.9 127.6 225.6 355.0 -36.5 9.8 3.5
Total: 161.8 212.8 -24.0 16.6 8.4 150.9 127.6 225.6 355.0 -36.5 9.8 3.5
U.K.
Lloyd's A+ Stable 14,319.7 12,296.1 16.5 662.3 -896.9 95.2 107.6 48,432.5 45,315.6 6.9 4.8 -7.6
China Re International Holdings Ltd. NR 1,363.4 1,117.5 22.0 56.9 -6.7 95.9 104.9 362.6 346.9 4.5 4.2 -0.6
Aspen Insurance U.K. Ltd. A- Stable 686.5 794.0 -13.5 148.8 -45.4 80.3 105.6 958.0 961.6 -0.4 19.7 -5.4
Faraday Syndicate 435 NR 580.5 530.0 9.5 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Brit Limited NR 458.5 392.8 16.7 8.8 6.5 104.6 102.5 1,912.4 1,592.6 20.1 1.7 1.5
TransRe London Ltd. A+ Watch Pos 264.1 241.3 9.4 9.9 7.2 105.2 108.5 562.9 587.9 -4.3 3.6 2.6
Convex Insurance UK Limited A- Stable 242.1 143.0 69.4 -58.3 -35.0 133.7 149.0 1,181.9 890.9 32.7 -30.8 -40.2
SCOR U.K. Co. Ltd. AA- Negative 235.6 242.6 -2.9 31.0 35.8 87.5 85.0 211.2 224.6 -6.0 14.1 16.7
Fidelis Underwriting Ltd. A- Stable 203.6 75.0 171.6 69.6 28.2 N.A. N.A. 686.8 563.5 21.9 33.7 47.0
Aspen Managing Agency Limited NR 122.6 37.1 230.5 3.9 -3.5 94.6 109.3 N.A. N.A. N.A. 5.4 -8.5
Cathedral Capital Holdings Ltd NR 91.8 64.4 42.7 0.3 -3.0 100.1 106.0 35.8 36.0 -0.5 0.1 -1.3
Syndicate 3000 NR 30.8 N.A. N.A. 18.3 N.A. 58.8 N.A. N.A. N.A. N.A. 41.2 N.A.
Markel International Insurance Co. Ltd. A Stable 25.0 104.9 -76.1 -5.7 -23.5 113.4 123.4 N.A. N.A. N.A. -13.4 -23.4
Korean Re Underwriting Ltd. NR 18.5 12.5 47.8 -2.5 -0.7 113.6 113.1 19.4 19.6 -1.0 -18.0 -7.8
Lancashire Insurance Co. (UK) Ltd. A- Stable 2.8 1.8 58.2 1.5 -3.8 0.4 31.1 177.1 179.3 -1.2 3.8 -13.3
Total: 18,645.6 16,052.9 16.2 944.7 -940.7 95.3 107.2 54,540.6 50,718.5 7.5 5.3 -6.2
U.S.
Reinsurance Group of America, Inc.* AA- Stable 12,513.0 11,694.0 7.0 121.0 627.0 N.A. N.A. 13,014.0 14,352.0 -9.3 0.7 4.3
Swiss Reinsurance America Corp. AA- Negative 8,293.4 7,759.3 6.9 83.0 -102.0 104.6 44.6 4,106.6 3,973.4 3.4 2.3 -3.3
Everest Reinsurance Co. A+ Stable 7,736.5 6,664.5 16.1 384.9 341.5 102.0 99.7 5,789.5 5,276.0 9.7 5.0 5.1
Swiss Re Life & Health America Inc. AA- Negative 7,176.9 5,557.9 29.1 -402.0 53.1 N.A. N.A. 1,556.0 1,467.8 6.0 -10.6 2.5
National Indemnity Co. AA+ Stable 5,995.7 6,292.5 -4.7 10.5 -2,802.6 234.9 136.5 246,863.2 203,034.3 21.6 0.0 -6.9
Munich Reinsurance America, Inc. AA- Stable 5,571.2 3,736.1 49.1 -1,012.0 -540.2 119.1 115.4 4,135.2 4,192.6 -1.4 -15.1 -10.3
Transatlantic Reinsurance Co. A+ Watch Pos 5,013.5 4,498.4 11.5 432.4 40.8 98.9 106.3 5,066.5 4,813.5 5.3 7.9 0.9
General Reinsurance Corporation AA+ Stable 4,099.0 3,787.0 8.2 449.0 101.0 96.4 106.8 13,927.0 12,181.0 14.3 10.9 2.6
Odyssey Group Holdings, Inc.* A Stable 2,708.9 2,122.6 27.6 136.1 203.4 100.0 95.6 5,220.3 4,774.1 9.3 5.5 9.6
Partner Reinsurance Co. of United States A+ Stable 2,268.0 2,080.0 9.0 N.A. N.A. 100.1 106.9 1,369.0 1,169.0 17.1 N.A. N.A.
Renaissance Reinsurance United States Inc. A+ Stable 2,056.9 1,281.1 60.6 N.A. N.A. 104.0 113.0 1,801.4 1,235.7 45.8 N.A. N.A.
SCOR Reinsurance Co. AA- Negative 2,052.7 2,044.0 0.4 -13.5 -117.7 102.8 109.9 1,408.0 1,089.9 29.2 -0.6 -5.8
General Re Life Corp. AA+ Stable 1,554.1 1,403.2 10.8 -109.0 -6.3 N.A. N.A. 878.1 955.2 -8.1 -6.7 -0.4
Markel Global Reinsurance Company A Stable 910.7 705.5 29.1 2.1 -83.2 99.7 112.7 N.A. N.A. N.A. 0.3 -12.7
Arch Reinsurance Co. A+ Stable 853.6 703.1 21.4 48.2 -33.0 96.7 108.6 2,614.5 1,983.2 31.8 6.1 -4.9
W. R. Berkley Corporation* A+ Stable 827.1 N.A. N.A. N.A. N.A. N.A. N.A. 6,653.0 N.A. N.A. N.A. N.A.
Axis Reinsurance Company A+ Stable 786.8 666.7 18.0 N.A. N.A. 102.8 101.5 1,117.5 1,125.8 -0.7 N.A. N.A.
Toa Reinsurance Co. of America A+ Negative 629.4 579.3 8.6 -61.1 -73.2 116.9 120.1 650.9 708.5 -8.1 -9.2 -12.0
Munich American Reassurance Co. AA- Stable 539.0 511.8 5.3 -543.4 -344.6 N.A. N.A. 607.7 593.3 2.4 -66.4 -47.0
General Star Indemnity AA+ Stable 528.7 443.4 19.2 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
National Liability & Fire Company AA+ Stable 418.8 206.3 103.0 -74.3 -53.1 211.1 131.0 1,979.9 1,529.8 29.4 -7.5 -92.8
SCOR Global Life USA Reinsurance Company AA- Negative 302.4 311.5 -2.9 -6.4 -39.2 N.A. N.A. 184.1 176.4 4.4 -2.0 -11.9
SCOR Global Life Americas AA- Negative 225.8 228.4 -1.1 -50.3 -51.0 N.A. N.A. 142.6 170.3 -16.3 -21.4 -21.3
Columbia Insurance Company AA+ Stable 184.9 215.6 -14.2 116.6 201.9 N.M. 30.7 49,132.7 43,492.4 13.0 1.6 5.0
SiriusPoint America Insurance Company A- Watch Neg 142.2 N.A. N.A. -26.1 N.A. 151.6 N.A. 693.6 N.A. N.A. -40.8 N.A.
SCOR Global Life Reinsurance Company of Delaware AA- Negative 70.6 88.3 -20.1 -41.2 2.3 N.A. N.A. 63.3 104.2 -39.2 -55.6 2.4
National Fire & Marine Insurance Company AA+ Stable 57.4 69.9 -17.9 114.0 -33.2 N.M. 79.3 11,558.9 8,660.3 33.5 3.2 -2.3
General Star National Insurance Company AA+ Stable 35.6 31.7 12.3 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Genesis Insurance Company AA+ Stable 21.2 19.4 9.3 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Aspen American Insurance Company A- Stable 17.7 227.9 -92.2 -4.1 8.0 196.4 96.5 889.7 606.2 46.8 -96.4 3.3
Total: 73,591.9 63,929.2 15.1 -445.4 -2,700.3 121.9 106.2 381,423.2 317,664.8 20.1 -0.3 -2.8
Grand Total: 260,640.0 242,542.1 7.5 13,033.7 2,881.8 102.7 103.9 717,337.9 644,004.4 11.4 4.0 1.2
Rating = Financial strength ratings of core operating entities of the groups as of Aug. 23, 2022. *Rating--Financial strength ratings of core operating entities of the groups. §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.

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
Antun Zvonar, New York + 1 (212) 438 7338;
antun.zvonar@spglobal.com
Marcela M Mikkola, Denver 1 (303) 721 4838;
marcela.mikkola@spglobal.com

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