Top 10 European Reinsurers by Net Premium Written

European reinsurers are the financial backbone of global insurance, absorbing peak catastrophe losses that would otherwise destabilise primary insurers worldwide. The top European reinsurers collectively wrote €250B+ in net premium in 2024, posting the sector's strongest profitability in a decade with combined ratios averaging 87%. The 2025 reinsurance renewal season saw average property catastrophe rate increases of 8–12% for loss-affected programmes as capital remained disciplined post-2023's record $130B insured catastrophe losses. Solvency II regulatory capital requirements, modelled catastrophe exposures, and Nat CAT reserve adequacy are the central metrics driving competitive differentiation among these titans of risk transfer.

2026134 viewsMar 25, 2026 Updated Oct 3, 2026

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#1
Munich Re
Founded in 1880, it pioneered modern reinsurance and today operates the world's largest natural catastrophe modelling team with 200+ scientists. Its Solvency II ratio of 277% and AM Best A+ rating make it the benchmark for financial strength in reinsurance. Munich Re targets €5B in annual net profit through 2026 under its Ambition strategy.
Munich Re — Reinsurance News Coverage Munich Re AM Best A+ Rating Profile Munich Re Investor Relations
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source: wikipedia
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#2
Swiss Re
Founded in Zurich in 1863, it employs 14,000 across 25 offices and holds an AM Best A+ Superior rating. Its sigma research publications are the definitive global reference for insured loss statistics. Swiss Re's Life & Health Re segment contributed $1.3B in net income in 2024, reflecting growing demand for mortality and morbidity risk transfer from life insurers.
Swiss Re — Artemis ILS Coverage Swiss Re AM Best A+ Rating Profile Swiss Re Investor Relations
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source: wikipedia
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#3
Hannover Re
Founded in 1966 in Hanover and 50.2% owned by Talanx AG, it is notable for its Life & Health Re division contributing 45% of GWP — a higher proportion than any other top-5 reinsurer. Its Solvency II ratio reached 275% in 2024, and its ROE of 19.3% exceeded its target of 15%. Hannover Re insures longevity, morbidity, and biometric risks for 200+ life insurers globally.
Hannover Re — Insurance Journal Coverage Hannover Re AM Best A+ Rating Profile Hannover Re Investor Relations
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source: wikipedia
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#4
SCOR SE
SCOR SE is France's largest and the world's 4th-largest reinsurer, writing €18B in gross written premium in 2024 with a Solvency II ratio of 203%. Founded in Paris in 1970, it employs 3,700 across 37 offices and holds an AM Best A+ (Excellent) rating. Its 2025 Forward strategy targets €1B in annual net income by reducing P&C catastrophe volatility through portfolio repositioning.
SCOR SE — Reinsurance News Coverage SCOR AM Best A+ Rating Profile SCOR SE Investor Relations
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source: wikipedia
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#5
General Re (Gen Re)
General Re (Gen Re) is a wholly owned subsidiary of Berkshire Hathaway operating as one of the world's leading life/health reinsurers, with European operations headquartered in Cologne since its 1994 merger with Aachener Rueck. Gen Re writes $10B+ in global reinsurance premiums and benefits from Berkshire's AAA financial strength. Its P&C operations focus on casualty treaty and specialty reinsurance for European carriers, with disciplined underwriting producing a 10-year average combined ratio of 91%.
General Re — Insurance Journal Coverage General Re AM Best Rating Profile General Re Investor Relations
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source: wikipedia
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#6
PartnerRe
PartnerRe was acquired by French mutual insurer COVEA for $9B in 2022, creating Europe's 5th-largest reinsurance group. Writing $8B+ in net premium in 2024, PartnerRe specialises in catastrophe, specialty, and L&H reinsurance across 150+ countries. Its Solvency II ratio stood at 210% post-acquisition. Bermuda-domiciled with European operations in Dublin and Paris, it leverages COVEA's €20B balance sheet to offer competitive multi-year treaty structures at the January renewals.
PartnerRe — Reinsurance News Coverage PartnerRe AM Best Rating Profile PartnerRe Investor Relations
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source: wikipedia
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#7
Everest Re Group
Everest Re Group reported $14B in gross written premium for 2024, with European reinsurance operations headquartered in Dublin. It holds an AM Best A+ rating and a Solvency II ratio of 194% for European operations. Everest's reinsurance segment generated $4.5B in GWP in 2024 with a 90.1% combined ratio. The group expanded its European presence significantly through the 2023 Lloyd's of London market re-entry and Dublin-based ILS structuring operations.
Everest Re — Insurance Journal Coverage Everest Re AM Best A+ Rating Profile Everest Re Group Investor Relations
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source: wikipedia
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#8
RenaissanceRe
RenaissanceRe is the world's leading catastrophe reinsurer by ROE consistency, writing $9.3B in gross written premium in 2024 after its $2.9B acquisition of Tokio Marine's US and European reinsurance operations. Its Bermuda and European (Dublin) operations use proprietary RMS-based cat models to price peak-zone hurricane, earthquake, and European windstorm exposures. RenRe posted a 37% ROE in 2024, reflecting disciplined catastrophe underwriting and favourable January 1 renewals.
RenaissanceRe — Artemis ILS Coverage RenaissanceRe AM Best A+ Rating Profile RenaissanceRe Investor Relations
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source: wikipedia
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#9
Arch Capital Group
Arch Capital Group is a Bermuda-based specialty insurer and reinsurer with significant European operations in London and Dublin, writing $20B+ in gross written premium in 2024. Its reinsurance segment contributed $6B in GWP with an 83% combined ratio. Arch holds an AM Best A+ rating and is renowned for its cycle-aware underwriting — scaling capacity up in hard markets and retrenching in soft markets. Its European mortgage reinsurance portfolio covers €50B+ in European residential mortgage exposure.
Arch Capital — Insurance Insider Coverage Arch Capital AM Best A+ Rating Profile Arch Capital Group Investor Relations
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source: wikipedia
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#10
Mapfre Re
Mapfre Re is the reinsurance arm of Spanish insurance giant Mapfre, writing €4B in gross written premium in 2024 from its Madrid headquarters. It operates across 130+ countries and is the leading reinsurer in Latin America and Iberia by market share. Mapfre Re's Solvency II ratio stood at 204% in 2024, and its combined ratio was 97.8%.
Mapfre Re — Reinsurance News Coverage Mapfre Re AM Best Rating Profile Mapfre Re Investor Relations
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source: wikipedia

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Frequently Asked Questions

Who is the largest European reinsurer by net premium written? Munich Re is the world's largest reinsurer, writing approximately €67 billion in gross written premium in 2024. It has held the #1 position for decades, underwriting property, casualty, and life risks globally.

What does 'net premium written' mean? Net premium written (NPW) is the total premium a reinsurer keeps after passing a slice of risk on to other reinsurers. It is the standard measure of a reinsurer's true underwriting exposure and market size — a bigger NPW means more skin in the game.

Why do European reinsurers lead the global market? Europe's reinsurance giants — especially Munich Re, Swiss Re, and Hannover Re — benefit from centuries of underwriting expertise, vast capital reserves, and globally diversified portfolios that spread disaster risk across many regions and perils.

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Frequently asked questions

What does 'net premium written' mean in the context of reinsurers?

Net premium written is the total premium a reinsurer retains after ceding reinsurance to other companies, representing the amount of risk it keeps on its books.

Which European reinsurer typically tops the list by net premium written?

Munich Re is generally the largest European reinsurer by net premium written, followed closely by Swiss Re and Hannover Re.

How is the ranking of top European reinsurers by net premium written determined?

The ranking is based on publicly reported annual financial statements, summing the net premiums written from property/casualty and life/health reinsurance segments.

Why is it useful to track net premium written for European reinsurers?

It provides a standardized measure of market share and underwriting scale, helping investors and analysts compare the relative size and risk appetite of major reinsurers.