A new report from AM Best reveals that a group of top-rated US and Bermuda reinsurers continued to show strong financial performance in 2024. This marks the fourth consecutive year of underwriting profitability for the composite group.
While overall profitability decreased slightly compared to the exceptionally strong results of 2023, the underwriting margin remained significantly improved compared to prior years. The 2023 performance benefited from high investment income and realized gains.
The 2024 results show growth in the composite’s total net premiums written, increasing by 13.2 percent. This is up from the 5.3 percent growth seen in 2023. The higher growth in 2024 was partly attributable to reduced reinsurance cessions from one company in 2023.
The combined ratio for the composite increased to 89.5 in 2024, a 4.4-point rise from the previous year. Despite this increase, the underwriting margin remained positive and substantially better than in the years leading up to 2023.
The AM Best report, part of a broader analysis of the global reinsurance industry, provides insights into the performance of seven major reinsurance groups. These groups are primarily domiciled in the United States or Bermuda, and reinsurance makes up the majority of their underwriting portfolios. The companies included in the analysis are Arch Capital Group Ltd., Everest Group, Ltd., General Re Corporation, Odyssey Group Holdings, Inc., PartnerRe Ltd., RenaissanceRe Holdings Ltd., and Transatlantic Holdings, Inc. (Transatlantic).
AM Best‘s analysis is part of a series of reports released ahead of the Rendez-Vous de Septembre in Monte Carlo. Other reports cover global reinsurance rankings, insurance-linked securities, Lloyd’s, life/annuity, health, and regional reinsurance markets.
The full report is available on the AM Best website. Additional information on global reinsurance and video coverage of the Rendez-Vous de Septembre can also be found on their reinsurance information center. AM Best is a global credit rating agency, news publisher, and data analytics provider focused on the insurance sector. The company operates in more than 100 countries worldwide.
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