Which reinsurers can still pay in twenty years
For the actuary placing reinsurance. Capital, leverage, how past reserves have held up, and warning filings, straight from each reinsurer’s own SEC filings. Ordered by warning signs, then size.
US-listed reinsurers (SEC filers)
Reserve development = claims for earlier years re-estimated this year, ÷ the reserves held at the start of the year. Red = reserves strengthened (earlier years turned out worse); green = released (better than reserved). A re-estimate under 0.5% is not counted.
| Reinsurer · boat | Capital | Capital growth, 5 yrs, a year | Premiums ÷ capital | Reserves ÷ capital | Reserve development, % of opening reserves | Loss ratio, 2025 accident year | Return on capital, 5-yr avg | Debt ÷ capital | Investments ÷ net reserves | Warning filings, 12 mo | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
 | $24.21B | 13.1% | 0.68× | 1.39× | −2.1% | −4.3% | −2.7% | −2.2% | −2.0% | 58.4% | 19.5% | 10.1% | 1.98× | none |
| $11.61B | 9.0% | 0.85× | 1.92× | −2.4% | −1.9% | −2.8% | −4.2% | −5.1% | 67.7% | 11.8% | 16.7% | 2.05× | none |
| $6.36B | 3.7% | 0.96× | 2.85× | −0.2% | −0.2% | +2.7% | −0.1% | −0.5% | 59.1% | 11.8% | — | 1.94× | none |
| $2.82B | 11.2% | 0.81× | 1.56× | — | −0.9% | −0.5% | −0.7% | −1.8% | 62.7% | — | 5.0% | — | none |
| $2.47B | 9.6% | 1.12× | 2.34× | −3.3% | −0.4% | −3.3% | −1.9% | −1.3% | 61.4% | 6.3% | 21.8% | 1.72× | none |
| $0.71B | 14.7% | 0.64× | 1.12× | — | −7.3% | −6.2% | −5.2% | −4.5% | 55.4% | 20.3% | — | 2.34× | none |
 | $15.46B | 9.7% | 1.00× | 2.22× | −0.1% | 0.0% | 0.0% | +5.3% | +2.2% | 65.6% | 12.9% | 13.2% | 1.48× | none |
| $0.71B | 8.8% | 0.98× | 1.37× | −2.9% | 0.0% | +2.0% | +3.1% | +1.4% | 60.4% | 8.6% | 0.7% | — | none |
AXIS 2025 debt is not reported under a standard SEC item. Hamilton listed in 2023; its 2021 development is not in its filings. Hamilton and Greenlight Re do not report reinsurance recoverables under a standard SEC item, so investments to net reserves is not comparable and is left blank. Oxbridge Re is left out: under $50M of capital. IGI files the foreign annual report (20-F) under US GAAP; its reserve development for 2021 has no opening-reserve figure on file. It reports no long-term debt.
Global reinsurers · from their own fiscal 2025 reports
These reinsurers do not file annual reports with the U.S. SEC. Figures are fiscal 2025, as each company published them in its own results release, under IFRS 17 and European or Swiss solvency rules: not directly comparable with the SEC table above (definitions of combined ratio and capital differ), so they carry no boat. Each figure was read from the linked company page; every row is dated.
| Reinsurer | Shareholders’ equity | Net income 2025 | Return on equity | Solvency ratio | Basis | Combined ratio | What the company says about its reserves | Source |
|---|---|---|---|---|---|---|---|---|
| Munich Re Germany · EUR | €33.4B | €6.12B | 18.3% | 298% | Solvency II (target 175–220%) | 73.5% P&C reinsurance, % of net insurance revenue; 80.1% normalised | No reserve statement in the full-year results release. | company release 2026-02-26 |
| Swiss Re Switzerland · USD | $25.1B | $4.8B | 19.6% | 250% | Swiss Solvency Test, at 1 Jan 2026 (target 200–250%) | 79.4% P&C Re | No 2025 reserve statement in the full-year results release. | company release 2026-02-27 |
| Hannover Re Germany · EUR | €12.9B | €2.6B | 21.4% | 256% | Solvency II | 84.0% Property & casualty | “Further expanded the resilience of its loss reserves.” | company release 2026-03 |
| SCOR France · EUR | €4.4B | €851M | 19.2% | 215% | Solvency II (optimal range 185–220%) | 82.3% P&C, net | “The annual P&C year-end reserve review confirms all lines are at best estimate and our reserve resilience has increased.” | company release 2026-03 |
US reinsurers owned by groups
Large US reinsurers owned by groups. They do not file their own SEC annual reports, so each row is taken from what its owner or the company published, on the basis named in the row. Not directly comparable with the SEC table (accounting bases differ), so no boat. Swiss Re America publishes no separate figures, so it is not shown.
| Reinsurer | Owner · basis | Capital | Premiums | Combined ratio | Result, 2025 | Prior-year reserves | Source |
|---|---|---|---|---|---|---|---|
| Berkshire Hathaway Reinsurance Group National Indemnity, General Re, TransRe | Berkshire Hathaway US GAAP, Berkshire 10-K 2025 | Not reported separately (backed by Berkshire Hathaway) | $20,168M written (P&C) | 84.5% P&C reinsurance | $3,170M P&C underwriting earnings ($1,851M for the whole group after retroactive and annuity business) | Prior accident years’ claim estimates reduced $1.1B in 2025 ($1.7B in 2024), mostly lower-than-expected property losses. | source 2026-02 |
| Odyssey Re (Odyssey Group) Stamford, Connecticut | Fairfax Financial IFRS, Fairfax 2025 annual report (undiscounted) | $8,270.4M shareholders’ equity | $5,961.2M written | 93.8% 11 points from catastrophes (83% without them) | $375.2M underwriting profit | Net favourable prior-year development of $196.4M in 2025 ($207.4M in 2024), partly offset by adverse development in casualty reinsurance. | source 2026-03 |
| Munich Re America Princeton, New Jersey | Munich Re US statutory (insurance regulators), year to 31 Dec 2025 | $6,826M policyholders’ surplus | $7,699M written (net) | 100.9% Loss & LAE 69.5% + expenses 35.4% | −$388M net income | No reserve statement on the company’s financial information page. | source 2026 |
Small and micro reinsurers
SEC-filing reinsurers outside the main table: very small capital, or a reinsurer inside a broader business. Shown so their scale is visible, not hidden. Oxbridge Re’s reserve-development figure does not reconcile with its reserves, so it is left out.
| Reinsurer | Capital, 2025 | Capital, 2024 | Premiums | Net income | Warning filings, 12 mo | Scale flag | Source |
|---|---|---|---|---|---|---|---|
| Oxbridge Re OXBR | $5.9M | $3.9M (2024) | $2.3M earned | −$2.1M (2025) · −$2.7M (2024) | none | Capital under $10M: a single catastrophe could exceed it. | SEC 10-K, fiscal 2025 (filed 2026-03-30) |
| Hagerty Re (Hagerty, Inc.) HGTY | $221.3M (whole company) | $150.3M (2024) | $830.6M assumed (2025) | Prior-year claims $10.1M better than reserved (2025) | none | Reinsurer inside a broader business (insurance agency, marketplace, club); its own capital is not reported separately. | SEC 10-K, fiscal 2025 (filed 2026-02-26) |
Life reinsurance
Life reinsurance runs on decades-long policy reserves, so property-casualty measures don’t apply. It gets its own row type.
| Life reinsurer | Capital, 2025 | Capital, 2020 | Liabilities ÷ capital | Invested assets | Debt ÷ capital | Return on capital, 5-yr avg | Net income, 2025 |
|---|---|---|---|---|---|---|---|
| Reinsurance Group of America RGA | $13.46B | $14.35B | 10.6× | $130.5B | 29.8% | 9.1% | $1.18B |
The boat’s warning signs
Reserves over 3x capital; premiums over 1.5x capital; reserves strengthened by more than 0.5% of opening reserves in 2 or more of the last 5 years; capital below its 2020 level; a warning filing in the last 12 months; debt over 35% of capital. The boat = the number of signs, the same harbor the rest of the boards use.
Not on this page
Not on this page: Enstar, Maiden, Aspen, PartnerRe, Validus and Transatlantic no longer file their own reports with the SEC; W. R. Berkley mixes reinsurance with mainly primary insurance; Swiss Re America publishes no separate figures. Bowhead Specialty appears as reinsurance in the data only because it writes through another insurer’s licence. Private Bermuda vehicles, sidecars and catastrophe-bond funds publish no regular financials. Financial-strength ratings (AM Best, S&P), statutory and Bermuda solvency capital (BSCR) and catastrophe exposure are not SEC standard data; they are named here and never guessed. They are named here and never guessed.