{
 "schema": "pops4.boards.reinsurers/1",
 "fiscalYear": 2025,
 "builtAt": "2026-10-06",
 "source": "SEC EDGAR XBRL company facts (10-K, fiscal 2020-2025: balance sheet and Schedule VI) and submissions",
 "pc": [
  {
   "ticker": "ACGL",
   "cik": 947484,
   "name": "Arch Capital Group",
   "capital": 24206000000,
   "capitalGrowth5y": 13.1,
   "premiumsToCapital": 0.68,
   "reservesToCapital": 1.39,
   "reserveDevelopment": [
    {
     "year": 2021,
     "pctOfOpeningReserves": -2.1
    },
    {
     "year": 2022,
     "pctOfOpeningReserves": -4.3
    },
    {
     "year": 2023,
     "pctOfOpeningReserves": -2.7
    },
    {
     "year": 2024,
     "pctOfOpeningReserves": -2.2
    },
    {
     "year": 2025,
     "pctOfOpeningReserves": -2
    }
   ],
   "strengthenedYears": [],
   "lossRatioAccidentYear2025": 58.4,
   "returnOnCapital5y": 19.5,
   "debtToCapital": 10.1,
   "investmentsToNetReserves": 1.98,
   "warningFilings": [],
   "signs": [],
   "boat": 0,
   "domicile": "Bermuda"
  },
  {
   "ticker": "RNR",
   "cik": 913144,
   "name": "RenaissanceRe",
   "capital": 11608657000,
   "capitalGrowth5y": 9,
   "premiumsToCapital": 0.85,
   "reservesToCapital": 1.92,
   "reserveDevelopment": [
    {
     "year": 2021,
     "pctOfOpeningReserves": -2.4
    },
    {
     "year": 2022,
     "pctOfOpeningReserves": -1.9
    },
    {
     "year": 2023,
     "pctOfOpeningReserves": -2.8
    },
    {
     "year": 2024,
     "pctOfOpeningReserves": -4.2
    },
    {
     "year": 2025,
     "pctOfOpeningReserves": -5.1
    }
   ],
   "strengthenedYears": [],
   "lossRatioAccidentYear2025": 67.7,
   "returnOnCapital5y": 11.8,
   "debtToCapital": 16.7,
   "investmentsToNetReserves": 2.05,
   "warningFilings": [],
   "signs": [],
   "boat": 0,
   "domicile": "Bermuda"
  },
  {
   "ticker": "AXS",
   "cik": 1214816,
   "name": "AXIS Capital",
   "capital": 6356435000,
   "capitalGrowth5y": 3.7,
   "premiumsToCapital": 0.96,
   "reservesToCapital": 2.85,
   "reserveDevelopment": [
    {
     "year": 2021,
     "pctOfOpeningReserves": -0.2
    },
    {
     "year": 2022,
     "pctOfOpeningReserves": -0.2
    },
    {
     "year": 2023,
     "pctOfOpeningReserves": 2.7
    },
    {
     "year": 2024,
     "pctOfOpeningReserves": -0.1
    },
    {
     "year": 2025,
     "pctOfOpeningReserves": -0.5
    }
   ],
   "strengthenedYears": [
    2023
   ],
   "lossRatioAccidentYear2025": 59.1,
   "returnOnCapital5y": 11.8,
   "debtToCapital": null,
   "investmentsToNetReserves": 1.94,
   "warningFilings": [],
   "signs": [],
   "boat": 0,
   "domicile": "Bermuda"
  },
  {
   "ticker": "HG",
   "cik": 1593275,
   "name": "Hamilton Insurance Group",
   "capital": 2822099000,
   "capitalGrowth5y": 11.2,
   "premiumsToCapital": 0.81,
   "reservesToCapital": 1.56,
   "reserveDevelopment": [
    {
     "year": 2021,
     "pctOfOpeningReserves": null
    },
    {
     "year": 2022,
     "pctOfOpeningReserves": -0.9
    },
    {
     "year": 2023,
     "pctOfOpeningReserves": -0.5
    },
    {
     "year": 2024,
     "pctOfOpeningReserves": -0.7
    },
    {
     "year": 2025,
     "pctOfOpeningReserves": -1.8
    }
   ],
   "strengthenedYears": [],
   "lossRatioAccidentYear2025": 62.7,
   "returnOnCapital5y": null,
   "debtToCapital": 5,
   "investmentsToNetReserves": null,
   "warningFilings": [],
   "signs": [],
   "boat": 0,
   "domicile": "Bermuda"
  },
  {
   "ticker": "SPNT",
   "cik": 1576018,
   "name": "SiriusPoint",
   "capital": 2469800000,
   "capitalGrowth5y": 9.6,
   "premiumsToCapital": 1.12,
   "reservesToCapital": 2.34,
   "reserveDevelopment": [
    {
     "year": 2021,
     "pctOfOpeningReserves": -3.3
    },
    {
     "year": 2022,
     "pctOfOpeningReserves": -0.4
    },
    {
     "year": 2023,
     "pctOfOpeningReserves": -3.3
    },
    {
     "year": 2024,
     "pctOfOpeningReserves": -1.9
    },
    {
     "year": 2025,
     "pctOfOpeningReserves": -1.3
    }
   ],
   "strengthenedYears": [],
   "lossRatioAccidentYear2025": 61.4,
   "returnOnCapital5y": 6.3,
   "debtToCapital": 21.8,
   "investmentsToNetReserves": 1.72,
   "warningFilings": [],
   "signs": [],
   "boat": 0,
   "domicile": "Bermuda"
  },
  {
   "ticker": "IGIC",
   "cik": 1794338,
   "name": "International General Insurance (IGI)",
   "capital": 710148000,
   "capitalGrowth5y": 14.7,
   "premiumsToCapital": 0.64,
   "reservesToCapital": 1.12,
   "reserveDevelopment": [
    {
     "year": 2021,
     "pctOfOpeningReserves": null
    },
    {
     "year": 2022,
     "pctOfOpeningReserves": -7.3
    },
    {
     "year": 2023,
     "pctOfOpeningReserves": -6.2
    },
    {
     "year": 2024,
     "pctOfOpeningReserves": -5.2
    },
    {
     "year": 2025,
     "pctOfOpeningReserves": -4.5
    }
   ],
   "strengthenedYears": [],
   "lossRatioAccidentYear2025": 55.4,
   "returnOnCapital5y": 20.3,
   "debtToCapital": null,
   "investmentsToNetReserves": 2.34,
   "warningFilings": [],
   "signs": [],
   "boat": 0,
   "formNote": "Files the foreign annual report (20-F) under US GAAP; events are reported on 6-K, so the 8-K warning-filing check covers it only partly.",
   "domicile": "Bermuda (operations in Amman, Jordan)"
  },
  {
   "ticker": "EG",
   "cik": 1095073,
   "name": "Everest Group",
   "capital": 15461000000,
   "capitalGrowth5y": 9.7,
   "premiumsToCapital": 1,
   "reservesToCapital": 2.22,
   "reserveDevelopment": [
    {
     "year": 2021,
     "pctOfOpeningReserves": -0.1
    },
    {
     "year": 2022,
     "pctOfOpeningReserves": 0
    },
    {
     "year": 2023,
     "pctOfOpeningReserves": 0
    },
    {
     "year": 2024,
     "pctOfOpeningReserves": 5.3
    },
    {
     "year": 2025,
     "pctOfOpeningReserves": 2.2
    }
   ],
   "strengthenedYears": [
    2024,
    2025
   ],
   "lossRatioAccidentYear2025": 65.6,
   "returnOnCapital5y": 12.9,
   "debtToCapital": 13.2,
   "investmentsToNetReserves": 1.48,
   "warningFilings": [],
   "signs": [
    "reserves strengthened in 2 of 5 years (2024, 2025)"
   ],
   "boat": 1,
   "domicile": "Bermuda"
  },
  {
   "ticker": "GLRE",
   "cik": 1385613,
   "name": "Greenlight Re",
   "capital": 707977000,
   "capitalGrowth5y": 8.8,
   "premiumsToCapital": 0.98,
   "reservesToCapital": 1.37,
   "reserveDevelopment": [
    {
     "year": 2021,
     "pctOfOpeningReserves": -2.9
    },
    {
     "year": 2022,
     "pctOfOpeningReserves": 0
    },
    {
     "year": 2023,
     "pctOfOpeningReserves": 2
    },
    {
     "year": 2024,
     "pctOfOpeningReserves": 3.1
    },
    {
     "year": 2025,
     "pctOfOpeningReserves": 1.4
    }
   ],
   "strengthenedYears": [
    2023,
    2024,
    2025
   ],
   "lossRatioAccidentYear2025": 60.4,
   "returnOnCapital5y": 8.6,
   "debtToCapital": 0.7,
   "investmentsToNetReserves": null,
   "warningFilings": [],
   "signs": [
    "reserves strengthened in 3 of 5 years (2023, 2024, 2025)"
   ],
   "boat": 1,
   "domicile": "Cayman Islands"
  }
 ],
 "life": {
  "ticker": "RGA",
  "cik": 898174,
  "name": "Reinsurance Group of America",
  "capital": 13461000000,
  "capital2020": 14352000000,
  "liabilitiesToCapital": 10.6,
  "investedAssets": 130481000000,
  "debtToCapital": 29.8,
  "returnOnCapital5y": 9.1,
  "netIncome2025": 1182000000,
  "domicile": "Missouri, USA"
 },
 "signRules": "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.",
 "notes": [
  "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."
 ],
 "notHere": "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.",
 "global": [
  {
   "name": "Munich Re",
   "home": "Germany",
   "currency": "EUR",
   "equity": "€33.4B",
   "netIncome": "€6.12B",
   "roe": 18.3,
   "solvency": "298%",
   "solvencyBasis": "Solvency II (target 175–220%)",
   "combined": "73.5%",
   "combinedNote": "P&C reinsurance, % of net insurance revenue; 80.1% normalised",
   "reserves": "No reserve statement in the full-year results release.",
   "source": "https://www.munichre.com/en/company/media-relations/media-information-and-corporate-news/media-information/2026/media-release-2026-02-26.html",
   "sourceDate": "2026-02-26"
  },
  {
   "name": "Swiss Re",
   "home": "Switzerland",
   "currency": "USD",
   "equity": "$25.1B",
   "netIncome": "$4.8B",
   "roe": 19.6,
   "solvency": "250%",
   "solvencyBasis": "Swiss Solvency Test, at 1 Jan 2026 (target 200–250%)",
   "combined": "79.4%",
   "combinedNote": "P&C Re",
   "reserves": "No 2025 reserve statement in the full-year results release.",
   "source": "https://www.eqs-news.com/news/ad-hoc/swiss-re-delivers-record-group-net-income-of-usd-4-8-billion-in-2025/35a016a7-efea-423e-a9f3-6fc742dc72e4_en",
   "sourceDate": "2026-02-27"
  },
  {
   "name": "Hannover Re",
   "home": "Germany",
   "currency": "EUR",
   "equity": "€12.9B",
   "netIncome": "€2.6B",
   "roe": 21.4,
   "solvency": "256%",
   "solvencyBasis": "Solvency II",
   "combined": "84.0%",
   "combinedNote": "Property & casualty",
   "reserves": "“Further expanded the resilience of its loss reserves.”",
   "source": "https://www.hannover-re.com/en/news/2026/hannover-re-increases-earnings-and-dividend-reinforces-sustained-profitability-significantly/",
   "sourceDate": "2026-03"
  },
  {
   "name": "SCOR",
   "home": "France",
   "currency": "EUR",
   "equity": "€4.4B",
   "netIncome": "€851M",
   "roe": 19.2,
   "solvency": "215%",
   "solvencyBasis": "Solvency II (optimal range 185–220%)",
   "combined": "82.3%",
   "combinedNote": "P&C, net",
   "reserves": "“The annual P&C year-end reserve review confirms all lines are at best estimate and our reserve resilience has increased.”",
   "source": "https://www.scor.com/en/press-release/fourth-quarter-2025-results",
   "sourceDate": "2026-03"
  }
 ],
 "globalNote": "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.",
 "pcTitle": "US-listed reinsurers (SEC filers)",
 "usOwned": [
  {
   "name": "Berkshire Hathaway Reinsurance Group",
   "sub": "National Indemnity, General Re, TransRe",
   "owner": "Berkshire Hathaway",
   "basis": "US GAAP, Berkshire 10-K 2025",
   "capital": "Not reported separately (backed by Berkshire Hathaway)",
   "premiums": "$20,168M written (P&C)",
   "combined": "84.5%",
   "combinedNote": "P&C reinsurance",
   "result": "$3,170M P&C underwriting earnings ($1,851M for the whole group after retroactive and annuity business)",
   "reserves": "Prior accident years’ claim estimates reduced $1.1B in 2025 ($1.7B in 2024), mostly lower-than-expected property losses.",
   "source": "https://www.berkshirehathaway.com/2025ar/202510-k.pdf",
   "sourceDate": "2026-02",
   "domicile": "USA"
  },
  {
   "name": "Odyssey Re (Odyssey Group)",
   "sub": "Stamford, Connecticut",
   "owner": "Fairfax Financial",
   "basis": "IFRS, Fairfax 2025 annual report (undiscounted)",
   "capital": "$8,270.4M shareholders’ equity",
   "premiums": "$5,961.2M written",
   "combined": "93.8%",
   "combinedNote": "11 points from catastrophes (83% without them)",
   "result": "$375.2M underwriting profit",
   "reserves": "Net favourable prior-year development of $196.4M in 2025 ($207.4M in 2024), partly offset by adverse development in casualty reinsurance.",
   "source": "https://www.fairfax.ca/wp-content/uploads/2026/03/FFH_Fairfax-Financial-2025-Annual-Report-144860.pdf",
   "sourceDate": "2026-03",
   "domicile": "USA"
  },
  {
   "name": "Munich Re America",
   "sub": "Princeton, New Jersey",
   "owner": "Munich Re",
   "basis": "US statutory (insurance regulators), year to 31 Dec 2025",
   "capital": "$6,826M policyholders’ surplus",
   "premiums": "$7,699M written (net)",
   "combined": "100.9%",
   "combinedNote": "Loss & LAE 69.5% + expenses 35.4%",
   "result": "−$388M net income",
   "reserves": "No reserve statement on the company’s financial information page.",
   "source": "https://www.munichre.com/us-non-life/en/company/about/financial-information.html",
   "sourceDate": "2026",
   "domicile": "USA"
  }
 ],
 "usOwnedNote": "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.",
 "micro": [
  {
   "name": "Oxbridge Re",
   "ticker": "OXBR",
   "cik": 1584831,
   "capital": "$5.9M",
   "capitalPrior": "$3.9M (2024)",
   "premiums": "$2.3M earned",
   "result": "−$2.1M (2025) · −$2.7M (2024)",
   "warning": "none",
   "flag": "Capital under $10M: a single catastrophe could exceed it.",
   "source": "SEC 10-K, fiscal 2025 (filed 2026-03-30)",
   "domicile": "Cayman Islands"
  },
  {
   "name": "Hagerty Re (Hagerty, Inc.)",
   "ticker": "HGTY",
   "cik": 1840776,
   "capital": "$221.3M (whole company)",
   "capitalPrior": "$150.3M (2024)",
   "premiums": "$830.6M assumed (2025)",
   "result": "Prior-year claims $10.1M better than reserved (2025)",
   "warning": "none",
   "flag": "Reinsurer inside a broader business (insurance agency, marketplace, club); its own capital is not reported separately.",
   "source": "SEC 10-K, fiscal 2025 (filed 2026-02-26)",
   "domicile": "Delaware, USA"
  }
 ],
 "microNote": "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.",
 "caribbean": [
  {
   "name": "CCRIF SPC",
   "sub": "Caribbean Catastrophe Risk Insurance Facility",
   "domicile": "Cayman Islands",
   "what": "Parametric catastrophe cover for Caribbean and Central American governments and utilities (hurricane, earthquake, excess rainfall, fisheries)",
   "coverage": "$1.3B total coverage limit (fifth year above $1B)",
   "capital": "$63M retained, backed by $859M of reinsurance",
   "capacity": "Over $360M claims-paying capacity (earthquake & hurricane portfolio alone)",
   "payouts": "Over $122M in 14 payouts to 10 members, all within 14 days (Hurricane Beryl: $84.5M to 7 members)",
   "strength": "Reinsurance built for a 1-in-700-year Caribbean hurricane/earthquake and 1-in-1,000-year rainfall",
   "period": "Year to 31 May 2025",
   "source": "https://www.ccrif.org/sites/default/files/publications/annualreports/CCRIF-SPC-Annual-Report-2024_2045_web.pdf"
  }
 ],
 "caribbeanNote": "Already on this page and based in the Caribbean: Greenlight Re and Oxbridge Re (Cayman Islands). Most other island reinsurers above are in Bermuda (Atlantic). The region’s two big listed carriers, Guardian Holdings (Trinidad & Tobago) and Sagicor, are mainly life and health insurers, not reinsurers. Barbados and the Cayman Islands also host hundreds of captive reinsurers owned by corporations to insure themselves; their financials are private, so they are named here, not shown.",
 "captives": {
  "title": "US health-system captives in the Cayman Islands",
  "how": "Many US hospital and health systems own a captive insurer in the Cayman Islands to carry their own medical malpractice and workers’ compensation risk. Often a licensed US insurer issues the policy and the Cayman captive takes on the risk, acting as the reinsurer. Each captive’s financials are filed privately with the Cayman regulator, so only the totals below are public.",
  "stats": [
   [
    "Captives whose main line is hospital and physician liability",
    "26"
   ],
   [
    "Their premiums",
    "$359M"
   ],
   [
    "Their assets",
    "$2.18B"
   ],
   [
    "All Cayman captive and international insurers",
    "721 licensees · $61.4B premiums · $189.6B assets"
   ]
  ],
  "statsDate": "Cayman Islands Monetary Authority, Q2 2026",
  "statsSource": "https://www.cima.ky/insurance-statistics",
  "named": [
   [
    "Trinity Health (23 states)",
    "Captive since 1989"
   ],
   [
    "ChristianaCare",
    "Captive since 2019; about $128M in assets"
   ],
   [
    "Bayhealth",
    "Captive since 2023; about $18M in assets"
   ],
   [
    "Nemours Children’s Health",
    "Cayman captive"
   ],
   [
    "TidalHealth",
    "Cayman captive"
   ]
  ],
  "namedSource": "https://spotlightdelaware.org/2026/09/09/why-delaware-hospitals-stash-millions-in-the-cayman-islands-every-year/",
  "namedSourceLabel": "Spotlight Delaware, 9 September 2026",
  "lookup": "https://www.cima.ky/search-entities-cima",
  "lookupLabel": "Search every insurer registered with the Cayman regulator",
  "note": "The named systems are examples reported in the press, not a complete list. Many large US academic medical centres, for-profit hospital chains and children’s hospitals use captives in the Cayman Islands, Bermuda or Vermont."
 },
 "disclaimer": "Data & Disclosure Notice: Edgar and Edgarette are automated software. Every figure on this page is calculated by software from public filings made by companies and funds with the U.S. Securities and Exchange Commission (EDGAR) and is published without individual human review. The accuracy and completeness of those filings are the responsibility of the filers; reports can contain errors and can be amended. Figures are shown as filed and as of each filing's date, and this page may be corrected or updated without notice. Ranges, expected returns, rankings, boats and other measures are statistical descriptions of past filings, not ratings, price forecasts, company guidance or recommendations; past results do not guarantee future results. This is general information published for all readers, not advice tailored to any person's portfolio, needs or circumstances, and nothing here is financial, investment, actuarial, legal, tax or other professional advice. Actuaries and other professionals who use these figures remain responsible for reviewing them for reasonableness and consistency against the original filings and for disclosing their reliance on them. No company, fund or reinsurer pays to be included or ranked. Provided as is, without warranty of any kind. Not affiliated with or endorsed by the SEC or by any company, fund or reinsurer named. All trademarks remain the property of their owners."
}