Bermuda’s reinsurance sector maintained its global prominence in 2024, with several of its leading players climbing the premium rankings for non-IFRS 17 reporters, according to data from global rating agency AM Best.
This leap places Everest as the largest Bermuda-based reinsurer by premiums and fourth among non-IFRS 17 peers worldwide.
RenaissanceRe Holdings followed with $11.7 billion in premiums, slightly down from $12.3 billion in 2023, though still firmly positioned among the top global reinsurers.
Bermuda-based Arch Capital Group recorded one of the sharpest increases, rising to $11.1 billion from $9.1 billion a year earlier, highlighting successful growth in specialty lines. PartnerRe remained steady with $9.3 billion in 2024 compared with $9.1 billion the year prior.
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Among mid-tier Bermuda reinsurers, Axis Capital reached $2.4 billion, up from $2.2 billion in 2023, while Convex Group expanded to $2.3 billion from $2.1 billion.
Aspen Insurance Holdings advanced from $1.5 billion in 2023 to $1.9 billion in 2024, reflecting meaningful improvement in its turnaround strategy.
SiriusPoint registered a modest increase to $1.3 billion from $1.27 billion. Somers Re grew from $1.05 billion to $1.3 billion, while Hamilton Insurance Group made one of the largest percentage jumps, moving from $839 million to over $1.1 billion. Hiscox Re and ILS also improved, climbing from $970 million to just over $1 billion.
The year-over-year comparison shows Everest overtaking RenaissanceRe as the top Bermuda reinsurer, a reversal from 2023 when RenaissanceRe held the lead. Arch’s growth also stood out, closing the gap with the island’s top two reinsurers.
Aspen, Hamilton, and Somers Re added to the momentum with healthy gains, demonstrating resilience in a challenging environment.
Our Top Global Reinsurance Groups directory is based on AM Best research and ranks companies according to full-year 2024 performance.
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