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Island features strongly in world’s top 50 reinsurers

Major player: PartnerRe, the world’s tenth-largest reinsurer, is based in Wellesley House South on Pitts Bay Road (Photograph by Akil Simmons)

Thirteen Bermudian-based reinsurance companies feature in the world’s top 50 largest reinsurers, says rating agency AM Best.At least five others with subsidiaries writing reinsurance out of Bermuda also feature on the list.PartnerRe, which is owned by Itlaina investment firm Exor, ranks tenth on the list by gross premiums written in 2019, with a tally of $7.28 billion, while its closest Bermudian rival Everest Re Group with $6.36 billion of premium places thirteenth and XL Bermuda, part of the Axa XL Group, in fourteenth with $5.01 billion.The figures include life reinsurance premiums — on a non-life basis, Everest is the largest Bermudian writer of reinsurance. RenaissanceRe Holdings is No 16 in the rankings with reinsurance gross premiums of $4.81 billion, while Axis Capital Holdings places nineteenth with $3.22 billion and Arch Capital 21st with $3.08 billion. European giants Swiss Re, Munich Re, Hannover Re and Scor are the world’s top four reinsurers, with Warren Buffett’s fifth-placed Berkshire Hathaway ranked the largest US reinsurer. Other Bermudian-based companies to make the top 50 included Sompo International Holdings (24th), AIG subsidiary Validus Re (28th), Aspen Insurance (32nd), Sirius International Group (33rd), Hiscox (40th), Third Point Re (48th) and life reinsurer Wilton Re (50th).Among overseas-based groups who write some reinsurance through the Bermuda market are Hannover Re, Japanese-based MS & AD Insurance Group Holdings (seventeenth), Markel (37th), Allied World (42nd) and Chubb (44th).