Bermuda's big role in world's top 35 reinsurers
Bermuda's reinsurers feature highly in the world's top 35 reinsurance groups, according to AM Best's latest report.
The ratings agency have listed three companies with a presence in Bermuda in the top 10 alone, including Hannover Re, Everest Re Group and Partner Re Group in fourth, seventh and 10th positions respectively.
Meanwhile XL Capital are just outside the top 10, while Scottish Re, Renaissance Re, ACE, Endurance Specialty Insurance Ltd., Arch Reinsurance Ltd. and White Mountains Re make the 15 to 25 slots.
Axis Capital Holdings Ltd., Platinum Underwriters Group, Aspen Insurance, Montpelier and Allied World also feature in the next 10.
Hannover Re, despite having one small office on the Island, justify their standing with gross and net consolidated premiums of $12,265 and $9.361 respectively, which compare favourably to top dog Swiss Re Group, who have figures of $28,415 and $25,808.
Their total shareholder fund amount to $4,629, with a combined ratio of 101.2 percent.
Everest Re recorded their best ever position, climbing up three places from 10th, as they reported totals of $4,001 and $3,876 for gross and net premiums respectively.
Partner Re also rose two positions with an impressive $10,131 in shareholders funds, while XL Capital slipped four places back to 11th, the first time they have been outside the top 10 for five years.
Scottish Re continued to perform well in only their second year in the listing, with ACE maintaining a solid middle of the road placing of 21st, as did the likes of Endurance Specialty, Arch and White Mountains with consolidated premiums around the $1,250 to $2,000 range and total shareholders funds anywhere between $2,00 and $5,000 upwards.
Combined ratios for these firms varied from around 80 percent to 102 per cent.
Allied World also did well in their inaugural year in the rankings, making the top 35 in 35th place, coming in with consolidated premiums of $573 and $572 for gross and net respectively and total shareholder funds of $2,200, as their combined total peaked at 82.1 percent.
