Guides
The world's largest reinsurers: 2026 rankings and what they mean
AM Best's 2026 ranking of the world's largest reinsurers, with Munich Re first, how to read it, and why the names matter when you buy U.S. commercial coverage.
Munich Re is the world's largest reinsurer in AM Best's 2026 "World's 50 Largest Reinsurers" ranking, which uses year-end 2025 figures and was published August 17, 2026. It reported $35.4 billion of gross reinsurance revenue, ahead of Swiss Re at $34.6 billion and Hannover Re at $31.5 billion. Among reinsurers that do not report under IFRS 17, Lloyd's leads with $27.1 billion of gross premiums written, ahead of Berkshire Hathaway's $25.5 billion.
Those names matter to a U.S. business buyer less for their rank than for what they do: they back the capacity your primary insurer sells, and several also write commercial policies directly in the United States. This guide uses the AM Best list as its source, with S&P Global Ratings' separate ranking as a cross-check.
How the AM Best ranking works
AM Best produces two lists, because reinsurers report under different accounting rules. Companies that report under IFRS 17 (mostly European and Asian groups) are ranked by gross reinsurance revenue. Companies that report under other standards, including U.S. GAAP, are ranked by gross reinsurance premiums written. Figures from the two lists are not directly comparable, and a single table can mislead. The figures below are from Artemis's report on the ranking and the AM Best-based list on Reinsurance News, in U.S. dollars.
IFRS 17 reporters, ranked by gross reinsurance revenue (year-end 2025)
| Rank | Reinsurer | Domicile | Revenue |
|---|---|---|---|
| 1 | Munich Re | Germany | $35.4 billion |
| 2 | Swiss Re | Switzerland | $34.6 billion |
| 3 | Hannover Re | Germany | $31.5 billion |
| 4 | SCOR | France | Fourth on the list |
| 5 | China Re | China | $5.9 billion |
Other reporters, ranked by gross premiums written (year-end 2025)
| Rank | Reinsurer | Domicile | Premiums |
|---|---|---|---|
| 1 | Lloyd's (all syndicates) | United Kingdom | $27.1 billion |
| 2 | Berkshire Hathaway | United States | $25.5 billion |
| 3 | Reinsurance Group of America | United States | $17.5 billion |
| 4 | Everest | Bermuda | $12.8 billion |
| 5 | RenaissanceRe | Bermuda | $11.7 billion |
| 6 | Arch Capital | Bermuda | $11.1 billion |
| 7 | PartnerRe | Bermuda | $9.2 billion |
Lloyd's figure includes premium that also appears in its members' own results. Domicile is our addition, showing each group's legal home; the ranking itself lists companies by name.
Reading the rankings with care
- Currency decides close calls. AM Best attributed Munich Re's return to first place to a 12.9% rise in the euro against the dollar, and noted that Swiss Re would have stayed first at the prior year's exchange rate. Lloyd's lead over Berkshire reflects a 7.4% gain in the pound; at the previous year's rate, Lloyd's would have trailed by about $215 million (Insurance Journal, September 7, 2026).
- Size is not appetite. Berkshire's gross premiums fell 7.9% in 2025 because management chose discipline over volume, particularly in property catastrophe. Everest took casualty reserve charges. The biggest names do not write every class or layer at every renewal.
- Profitability varies. The same article reported combined ratios of 73.5 for Munich Re and 79.5 for Swiss Re, and a 25.9% return on equity for RenaissanceRe.
- A different list gives a different order. S&P Global Ratings ranks the top 40 by gross reinsurance premiums written and estimates that figure for IFRS 17 reporters. Its September 4, 2025 edition, using year-end 2024 data, put Swiss Re first at $43.1 billion, Munich Re at $42.8 billion, Hannover Re at $37.7 billion, Berkshire at $26.9 billion, Lloyd's at $23.5 billion and SCOR at $20.8 billion (Reinsurance News). Different methods and data years, not different realities.
The groups behind the names
The European big four. Munich Re, Swiss Re, Hannover Re and SCOR dominate treaty reinsurance globally. Artemis described Swiss Re and Hannover Re as two of Europe's "big four" reinsurers in its Q3 2026 cat bond report. They write across property, casualty, specialty and life, and sponsor catastrophe bonds themselves; see Catastrophe bonds and ILS: how they work and who they affect.
Lloyd's. Lloyd's is a market of competing syndicates rather than a single company, which is why it ranks as a market. See How Lloyd's of London works: syndicates, brokers and what it means for you.
Bermuda groups. Everest, RenaissanceRe, Arch and PartnerRe are Bermuda-domiciled and are major buyers and sellers of property catastrophe and casualty reinsurance. Bermuda is also the hub for investor-backed vehicles; see The Bermuda insurance and reinsurance market and Sidecars, collateralized reinsurance and ILS funds explained.
Berkshire Hathaway and RGA. Berkshire is the largest U.S.-based reinsurer on the list, and Reinsurance Group of America is a U.S.-based life reinsurer.
Why this matters for a U.S. business buyer
Several of these groups also write primary and specialty commercial insurance in the United States, and some appear in our insurer profiles: Munich Re (which owns HSB, NEXT and American Modern), Swiss Re Corporate Solutions (through Swiss Re Corporate Solutions), HDI Global, Everest, Arch Insurance and Berkshire Hathaway. Their reinsurance capacity shapes what their primary companies and competitors can offer.
Practical effects:
- Capacity for large limits. A property or casualty program with big limits depends on reinsurance behind the lead carrier. Reinsurer appetite sets what is available; see treaty vs facultative reinsurance: how insurers share risk.
- Price transmission. Reinsurance costs flow into primary premiums with a lag. how reinsurance pricing flows into business insurance premiums explains how.
- Fronted and captive programs. When a fronting carrier cedes nearly all the risk, the reinsurer's strength is your real security; see fronting arrangements and fronting carriers: how they work.
- Counterparty quality. If your insurer fails, the guaranty fund system, not the reinsurer, is your backstop; see what happens when an insurer fails: guaranty funds and business policies.
How to check a reinsurer's strength
- Look up the rating on the legal entity actually providing the cover, not the parent's brand. An AM Best rating applies to named companies in a group; see AM Best ratings explained for business buyers.
- Check the rating's date and outlook. A "negative" outlook or "under review" status is worth a call to your broker.
- For a U.S. policy backed by a non-U.S. reinsurer, ask whether the reinsurer is licensed, accredited or certified in the carrier's home state, or posts collateral.
- Ask whether any single reinsurer holds a large share of the program; concentration is a risk even with strong names.
- Ask your broker for the lead reinsurers behind any large or fronted program.
Key takeaways
- In AM Best's 2026 ranking, Munich Re leads IFRS 17 reporters with $35.4 billion of revenue, while Lloyd's leads other reporters with $27.1 billion of premiums.
- The two lists use different measures, and exchange rates changed the order at the top.
- S&P Global Ratings' separate ranking, using year-end 2024 data, put Swiss Re first, so always check which list and year a source uses.
- Many of the largest reinsurers also write U.S. commercial insurance, and their capacity indirectly shapes your coverage and pricing.
- Check the rating of the specific company on your policy, not the group name.