Hannover Re, SCOR, and Gen Re complete the top five, with all three reinsurers holding steady compared to the previous year.
Mapfre Re remains in sixth place, while the rankings further down the list reflect changes among regional and specialized reinsurers. VIG Re, R+V Re, and Deutsche Rück each moved up one spot, now ranking seventh through ninth, respectively. Lloyd’s dropped three places to 10th.
Nacional Re advanced two positions to 11th, while RenRe and Allianz Re made more significant gains, rising three and seven places to 14th and 15th, respectively. AXA XL Re also improved by two spots, moving to 16th. E+S Rück and Arch Re each fell one position, while PartnerRe and Berkshire dropped three. DEVK Re and QBE Re round out the top 20, each gaining one rank.
NMG Consulting said that its brand rankings are based on the unaided perspectives of more than 500 insurers and reinsurance brokers, who identified reinsurers they view as providing the best overall quality. The study also considered brand perceptions related to specialist expertise at the line-of-business level.
The firm also reported that reinsurers of European origin experienced stronger brand ratings, with notable improvements for several regional franchises, including VIG Re, Deutsche Rück, Nacional Re, and DEVK Re.
Mapfre Re, despite holding its position, recorded the largest ratings increase and is closing in on the top five. RenRe and Allianz Re consolidated their positions among the top 15.
The 2025 rankings come as the sector’s four largest firms – Munich Re, Swiss Re, Hannover Re, and SCOR – reported a record average return on equity (ROE) of 21.1% in the first half of the year.
Underwriting results remained solid across most business lines, and investment returns were steady, supporting overall profitability despite rising insured natural catastrophe losses and volatile capital markets.
The average combined ratio for these leading European reinsurers fell to a record low of 81.5% in the first half of 2025. This improvement reflected strong underlying performance and a low natural catastrophe loss ratio, with most reinsurers using favorable underwriting results to further strengthen reserves.
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