Reinsurance giant Munich Re has reclaimed its spot at the top of AM Best’s ranking of the world’s largest reinsurers for companies that report under IFRS 17, while the specialist Lloyd’s marketplace has moved above Berkshire Hathaway to claim the top spot for non-IFRS 17 reinsurers, based on year-end 2025 figures.
It’s important to remember that rating agency AM Best ranks firms 1-16 that report under IFRS 17, based on gross reinsurance revenue, while companies that report under non-IFRS 17 are ranked 1-34 based on gross written reinsurance premium (GPW).
The agency highlighted that reinsurers’ underwriting performance remained strong in 2025, amid some material price softening.
AM Best also noted that the reinsurance industry managed to generate record levels of capital, driven by multiple years of strong profitability after rates hardened and terms and conditions became more favourable for reinsurers.
