Munich Re and Lloyd’s move to the top of AM Best’s global reinsurer rankings
AM Best’s year-end 2025 rankings for global reinsurers put Munich Re back at No.1 among IFRS 17 reporters, with gross reinsurance revenue of $35.418 billion, ahead of Swiss Re at $34.564 billion. For non-IFRS 17, Lloyd’s moved to No.1 with GPW of $27.058 billion, ahead of Berkshire Hathaway at $25.470 billion. AM Best cited underwriting strength, capital levels, FX effects, and hurricane activity.
How this was made
The 30-second read
Why it matters
The main tradable takeaway is relative positioning: Munich Re regains the IFRS 17 lead, while Lloyd’s moves above Berkshire Hathaway in the non-IFRS 17 table, with FX and premium growth cited as key drivers.
Market read
This is a sector positioning update grounded in year-end 2025 data, with FX and catastrophe assumptions highlighted, but it does not provide new forward guidance or fresh company-specific disclosures.
What to watch
The piece notes third-party capital and ILS structures could affect premium-based rankings, meaning balance-sheet underwriting capacity and future profitability may not track rank changes.
Background
AM Best ranks reinsurers differently depending on whether they report under IFRS 17 or non-IFRS 17, using gross reinsurance revenue or gross written premium (GPW).
Ticker impact
AM Best’s non-IFRS 17 rankings show Reinsurance Group of America (RGA) maintaining third place with GPW of $17.482B.
Negligible immediate impact; likely no tradable catalyst from a static ranking position.
The text provides a datapoint (GPW and rank) without new operational, regulatory, or guidance information.
RenaissanceRe is shown as fifth in the non-IFRS 17 rankings with GPW of $11.738B.
Negligible near-term impact.
This is a static ranking datapoint rather than a new catalyst.
Arch Capital is listed sixth in the non-IFRS 17 table with GPW of $27.058B for Lloyd’s above, and Arch Capital at sixth.
Negligible trading impact.
The article does not describe any Arch Capital-specific event, guidance, or regulatory development.
Market effects
Highlights continued underwriting strength in 2025, record capital generation, and the role of hurricane absence plus convective storm losses, which can influence sector sentiment.
US-specific weather discussion (no major hurricane landfall, but convective storm losses up to $61B) reinforces US catastrophe risk pricing narratives.
FX translation (EUR and GBP strength vs USD) is emphasized as a driver of cross-firm comparability, relevant for global reinsurer earnings interpretation.
Counterpoint
Because the article is a ranking based on year-end 2025 figures and heavily attributes differences to FX and methodology (IFRS 17 vs non-IFRS 17), it may not reflect forward underwriting or capital changes.
Key entities
- companyMunich Re
Reclaimed #1 in AM Best’s IFRS 17 reinsurer ranking on 2025 gross reinsurance revenue of $35.418B.
- marketLloyd’s
Moved above Berkshire Hathaway to claim top spot for non-IFRS 17 reinsurers on 2025 GPW.
- companyBerkshire Hathaway
Dropped to #2 in the non-IFRS 17 ranking as Lloyd’s outpaced it on GPW growth and FX effects.
- companySwiss Re
Ranked #2 in IFRS 17 with gross reinsurance revenue down 4.5% to $34.564B, with FX noted in the comparison.
- rating_agencyAM Best
Published the ranking methodology and commentary on underwriting performance, capital levels, and catastrophe impacts.
