Munich Re and Lloyd’s top list of world’s biggest reinsurers

A weakening of the US dollar against both the euro and the pound has seen Munich Re and Lloyd’s of London move top of the list of 2025’s biggest global reinsurers, despite a degree of rate softening occurring across the year.

The findings come from credit rating agency AM Best’s latest Market Segment Report – World’s 50 Largest Reinsurers, released on 17 August 2026.

Due to differing global accounting standards, the report organised firms into two groups, those following IFRS 17 rules – an international accounting standard aimed at bringing insurance reporting into line with other financial sectors – and those using various generally accepted accounting principles (GAAP) guidelines.

Among the IFRS 17 reporting firms – whose headline figure is reported as reinsurance revenue – Munich Re topped the list, bringing in $35.4bn (£26.2bn) in revenue with a combined operating ratio (COR) of 73.5%.

Swiss Re secured second place, with a reinsurance revenue of $34.5bn (£25.6bn) and a COR of 79.5%, while Hannover Re took third with a $31.5bn (£23.3bn) revenue and a COR of 84%.

For Non-IFRS 17 accounts – whose headline figure is reported as gross written premiums (GWP) – Lloyd’s proved 2025’s largest entity, with a $27.1bn (£20.1bn) GWP and a COR of 85.6%.

Berkshire Hathaway placed second with a $25.4bn (£18.8bn) GWP and COR of 84.5%, while the Reinsurance Group of America secured third with a $17.5bn (£13bn) GWP.

Significant transformation

The report highlighted that the global reinsurance market has “undergone a significant transformation since the January 2023 renewal season”.

It continued: “Following years in which the industry struggled to consistently earn its cost of capital amid soft pricing, elevated catastrophe losses and a prolonged low-interest rate environment, reinsurers restored underwriting profitability though disciplined portfolio management, higher attachment points, diversification and improved risk-adjusted rates.

“While material market softening occurred during the 2025 renewal season and into 2026, the structural changes from the hard market, including higher cedent retentions, improved risk selection and reduced participation in lower layers of reinsurance towers, have largely remained intact.”