Best’s Market Segment Report: US-Bermuda Reinsurers’ 2024 Remains Strong Despite Pricing Pressure

OLDWICK, N.J.--(BUSINESS WIRE)--A composite of AM Best-rated U.S. and Bermuda reinsurers continued its trend of favorable underwriting results in 2024 while generating its fourth consecutive year of underwriting profitability, according to a new AM Best report.

The Best’s Market Segment Report, “US-Bermuda Reinsurers Poised To Sustain Solid Performance Despite Pricing Pressure,” is part of AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo. Other reports, including AM Best’s ranking of the top global reinsurance groups and in-depth looks at the insurance-linked securities, Lloyd’s, life/annuity, health and regional reinsurance markets, have been published in August and September.

AM Best’s composite of U.S. and Bermuda reinsurers consists of seven reinsurance groups domiciled in either the United States or Bermuda, for which the reinsurance business accounts for the majority of their underwriting portfolios. The seven companies 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).

Overall profitability among this composite declined in 2024 compared with stellar results posted in 2023, when it generated the strongest underwriting margins in years. Peak underwriting results in 2023 were further supplemented by higher net investment income, as well as significant realized and unrealized investment gains and the positive impact of the Bermuda Corporate Income Tax Act of 2023.

The composite’s total net premiums written (NPW) grew 13.2% in 2024, up from 5.3% in 2023, when aggregate NPW growth for the companies was reduced by significantly higher reinsurance cessions from Transatlantic to Berkshire Hathaway Inc. affiliates. While the 2024 combined ratio of 89.5 represented a 4.4-point deterioration over the prior year, this underwriting margin still represents a substantial improvement over levels reported for several years preceding 2023.

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=357452.

For global reinsurance reports ahead of Rendez-Vous de Septembre, as well as video coverage of the event, please visit AM Best’s Reinsurance Information center.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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