Standard & Poor’s rating
According to the latest analysis by Standard & Poor's, only one reinsurer in the top 50, Trans Re, has the highest rating, AA+. Five reinsurers are rated AA, six AA- and sixteen A+.
Generally speaking, the reinsurers in the top 50 improved their ratings between 2021 and 2023, demonstrating the market's renewed strength. In 2023, only one reinsurer in the top 50 is rated BB, compared with three in 2021.
Other improvements include S&P raising its rating:
- by three notches for TransRe, W.R. Berkley Cor. and Markel Corp.,
- by two notches for Renaissance Re, Odyssey Re and Aspen Insurance,
- by two notches for Allied World Assurance.
At the same time, three reinsurance companies [4] saw their ratings fall by one notch: Berkshire Hathaway, SCOR and Toa Re.
AM Best rating
The latest AM Best ratings also show a positive trend. 47 reinsurers in the top 50 have a rating of at least A-.
Three reinsurers in the top 50 retain the agency's highest rating of A++. They are Berkshire Hathaway, Trans Re and Chubb Tempest Re. Seven of the world's top ten reinsurers hold an A+ rating.
Other notable changes for 2023 include AM Best's downgrading of SCOR's rating by one notch, from A+ to A, and its upgrading of China Re, TransRe, Odyssey Re and Convex Re’s ratings.
Read also | Global reinsurers: S&P and AM Best ratings [5]