The top 10 positions within A.M. Best's annual ranking of the Top 50 Global Reinsurance groups experienced some reshuffling in 2016, most notably in the top spot, as Swiss Re Ltd. jumped over Munich Reinsurance Company.
The change in the No. 1 position was the first for any of the top three spots since 2010, with Hannover Rück S.E. continuing to rank No. 3, according to A.M. Best's annual special report on the global reinsurance industry. Falling out of the top 10 was PartnerRe Ltd. and Everest Re Group Ltd.
The 2017 ranking is based on reinsurance gross premiums written, with the top 10 comprising approximately 70% of the top 50 total. The top 50 reinsurance groups recorded an average combined ratio of 93.1% in 2016, which mirrored the average combined ratio of the top five reinsurers in the ranking, reflecting the underwriting discipline employed by the industry.
"Ultimately, the takeaway should be that Swiss Re and Munich Re are the reinsurance market's undisputed largest and most influential players. Both have roughly double the premium volume of their closest competitors, offer similar capacity across nearly all reinsurance products and geographies and have been the market leaders for well over a decade," said A.M. Best senior director Robert DeRose.
For more detailed information, a copy of the special report can be found on the company's site.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
