Several Bermudian-based reinsurance groups have climbed the global rankings in the latest AM Best World’s 50 Largest Reinsurers report, released yesterday.

The report, which reflects year-end 2024 results, separates reinsurers into two distinct rankings: those reporting under International Financial Reporting Standards 17 and those that do not.

Among the non-IFRS 17 reinsurers, Bermudian-domiciled Everest Group rose to No 4, fuelled by a 12.9 per cent increase in gross premiums written.

Everest’s growth was attributed to its expansion into property lines and improvement in casualty pricing.

Other Bermudian-based or associated firms featured prominently, including Renaissance Re at No 5, trading places with Everest from a year ago, Arch Capital at No 6, PartnerRe at No 7 and Convex Group, which climbed to the No 17 spot.

SiriusPoint also made the list at No 28, while Ascot Group rose four spots to No 22, driven by a 28.3 per cent increase in GPW.

More than ten of the world’s top 50 reinsurers have a big presence in Bermuda.

The strong showings came in a year marked by severe catastrophe losses, including $140 billion in insured losses globally and record-breaking storm damage in the United States.

Despite these events, reinsurers generally posted double-digit returns on equity, supported by improved underwriting results and rising investment yields, the report found.

The report also pointed out no major new formations, even in a hard market.

However, it found that Bermudian-based firms such as Convex and Ascot, both relatively young compared with legacy players, demonstrated that growth and market penetration are still possible.