Reinsurance

Each year the Reinsurance Association of America (RAA) provides an overview of the countries from which U.S. insurance companies obtain reinsurance, i.e., the countries to which they have ceded, or transferred, some of their risk. The analysis includes premiums that a U.S. insurance company cedes to offshore, i.e., foreign, reinsurance companies that are not part of the insurer’s own corporate group (unaffiliated offshore reinsurers in the chart below), as well as business ceded to overseas reinsurers that are part of the insurer’s corporate family (affiliated offshore reinsurers in the chart below).

The RAA report compares U.S. insurance premiums ceded to U.S. professional reinsurance companies to the U.S. premiums ceded to offshore, i.e., foreign, companies. U.S. professional reinsurance companies accounted for 36.6 percent of the U.S. premium written that was ceded in 2014, while offshore companies accounted for 63.4 percent. However, a number of U.S.-based reinsurers are owned by foreign companies. Taking this into consideration, foreign reinsurers accounted for 91.5 percent premiums ceded, while U.S. professional reinsurers accounted for 8.5 percent.

U.S. Reinsurance Premiums Ceded To Unaffiliated And Affiliated Offshore Reinsurers By Country, 2013-2015 (1)

($ millions)

    Unaffiliated offshore reinsurers Affiliated offshore reinsurers  
Rank Country 2013 2014 2015 2013 2014 2015 2015 total
1 Bermuda $10,019 $9,962 10,286 $25,471 $25,465 $25,931 $36,217
2 Switzerland 1,426 2,192 3,400 10,803 11,815 11,175 14,575
3 Germany 3,712 3,740 3,961 1,579 1,541 4,283 8,244
4 United Kingdom 5,137 4,980 4,940 477 512 660 5,600
5 Cayman Islands 3,301 2,981 3,609 982 1,096 1,045 4,654
6 Turks and Caicos 1,084 1,445 1,513 237 291 280 1,793
7 Channel Islands 1,261 1,323 1,102 NA NA NA 1,102
8 Barbados 658 761 761 NA NA NA 761
9 France NA NA NA 336 337 692 692
10 Ireland 565 441 521 180 168 133 654
11 Canada 92 96 631 NA NA NA 631
12 Spain NA NA NA 266 259 490 490
13 Japan NA NA NA -1,857 464 472 472
  Total, countries shown $27,255 $27,921 $30,723 $38,474 (2) $41,949 $45,160 $75,883
  Total, all countries $29,176 $30,211 $33,035 $38,741 (2) $42,295 $45,469 $78,504

(1) Ranked by 2015 total reinsurance premiums.
(2) Includes -$1.86 billion in affiliated premiums ceded to Japan.

NA=Data not available.

Source: Reinsurance Association of America.

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Net Premiums Written, U.S. Property/Casualty Reinsurers, 2006-2015

($000)

Year Net premiums written Annual percent change Combined ratio (1) Annual point change
2006 $26,625,918 0.4% 94.2 -31.8 pts.
2007 24,548,841 -7.8 93.5 -0.7
2008 26,440,426 7.7 100.4 6.9
2009 25,548,851 -3.4 92.3 -8.1
2010 25,722,426 0.7 94.5 2.2
2011 27,897,553 8.5 107.1 12.6
2012 31,649,616 13.4 96.2 -10.9
2013 29,144,853 -7.9 86.8 -9.4
2014 50,012,241 (2) 71.6 91.0 4.2
2015 41,466,073 -17.1 92.3 1.3

(1) After dividends to policyholders.
(2) Includes National Indemnity Co.'s loss portfolio and quota share agreements with affiliated GEICO companies.

Source: Reinsurance Association of America.

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Top 10 U.S. Property/Casualty Reinsurers Of U.S. Business By Gross Premiums Written, 2015

($000)

Rank Company (1) Country of parent company Gross premiums written
1 National Indemnity Company (Berkshire Hathaway) (2) U.S. $18,349,736
2 Munich Re America Germany 6,669,622
3 QBE North America (Combined) Australia 5,084,876
4 Everest Reinsurance Company  Bermuda 5,009,780
5 Swiss Reinsurance America Corporation Switzerland 4,330,306
6 XL Reinsurance America Ireland 3,802,990
7 Transatlantic Reinsurance  U.S. 3,219,832
8 Odyssey Reinsurance Group Canada 2,267,041
9 Partner Reinsurance Company of the U.S. Bermuda 1,778,845
10 AXIS Reinsurance Company Bermuda 1,237,862

(1) See Reinsurance Underwriting Review 2015 notes posted at http://www.reinsurance.org for list of affiliated companies included.
(2) Underwriting results exclude assumptions from affiliated General Re Group.

Source: Reinsurance Association of America.

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Top 10 Global Property/Casualty Reinsurers By Net Reinsurance Premiums Written, 2013

(US$ millions)

Rank Company Net reinsurance
premiums written
Country
1 Munich Reinsurance Co. $22,545.9 Germany
2 Swiss Re Ltd. 14,542.0 Switzerland
3 Hannover Re S.E. 12,905.8 Germany
4 Berkshire Hathaway Reinsurance Group 11,440.0 U.S.
5 Lloyd's of London 11,363.7 U.K.
6 Scor S.E.  5,931.9 France
7 Everest Re Group Ltd. 5,004.8 Bermuda
8 PartnerRe Ltd. 4,479.1 Bermuda
9 Korean Reinsurance Co. 3,499.0 (1) South Korea
10 Transatlantic Holdings Inc. 3,248.0 U.S.

(1) Fiscal year ending March 31, 2013.

Source: Business Insurance (www.businessinsurance.com), September 1, 2014.

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