Bermuda’s place at the centre of the global reinsurance market is on display, with four island-based groups occupying spots among the world’s largest reinsurers.

AM Best’s annual ranking of the world’s 50 largest reinsurers placed Everest Re Group fourth among groups reporting under non-international financial reporting standards, followed by RenaissanceRe Holdings, Arch Capital Group and PartnerRe.

The four groups wrote a combined $44.9 billion of reinsurance premiums in 2025, according to the rating agency’s report.

Everest led the Bermuda contingent with $12.8 billion of premiums, followed by RenaissanceRe with $11.7 billion, Arch with $11.1 billion and PartnerRe with $9.2 billion.

The report identified 15 Bermudian-domiciled or Bermudian-based groups among its top 50, including Convex, Axis Capital, Allied World, Ascot, Aspen, Hamilton Insurance Group, SiriusPoint, Somers Re and Ark Insurance Holdings.

Hamilton was among the report’s notable movers, rising four places to 29th after its reinsurance premiums increased 22.8 per cent to $1.4 billion. AM Best said the company expanded its footprint in Bermuda while pursuing property, casualty and speciality business.

RenaissanceRe was the fifth-largest non-IFRS reporter, with premiums broadly flat but a 25.9 per cent return on equity and $1.3 billion of underwriting income. Everest also kept its fourth-place ranking.

The rankings are based on 2025 results, a year where reinsurers benefited from underwriting discipline, strong investment returns and a relatively mild hurricane season in the United States. Even so, the report points to a more competitive market ahead.

Property catastrophe reinsurance prices saw their steepest annual decline in at least 25 years at the midyear renewals.

A separate Marsh McLennan report said Guy Carpenter’s global property-cat rate-on-line index fell 16 per cent year-on-year at the June and July renewals, up from a 12 per cent decline at January 1.

According to AM Best, this means more coverage and flexibility in policy terms for buyers, while reinsurers keep building capital and thus sending rates lower.

The agency said the industry was profitable despite the California wildfires early last year, which it estimated caused about $40 billion of insured losses. It added that reinsurers are now watching rising casualty claims costs, geopolitical risks and the rest of the Atlantic hurricane season.