Bermuda?s leading reinsurers rank in the middle of the pack of the world?s top 25.

The rankings were revealed in an exclusive list compiled by Reinsurance magazine for its August edition, which showed that although five Bermuda-based firms made the list they did not place in the top half.

The number one spot went to Munich Re, with $22.8 billion non-life net written premiums. Second was Swiss Re with $16.5 billion in non-life net written premiums while spot three went to Hannover Re followed by Lloyd?s, Ge Global Insurance, Deutsche Re, GeneralCologne Re, Everest Re, Allianz, Berkshire Hathaway, Converium and Transatlantic Holdings.

Partner Re was the first company based on the Island to make the list, ranking at 13 out of 25.

The company, which set up more than a decade ago after a void in property catastrophe reinsurance following Hurricane Andrew?s devastating hit on Florida in 1992, posted non-life net written premiums of $3.3 billion.

The reinsurers were rated according to a range of 2003 financial data including non-life net written premiums, the change in that total year on year, how much of the gross written premiums were ceded, loss ratios, expense ratios and combined ratios.

The other Bermuda-based reinsurers to make the list were XL Re (14th place), Arch Re (16th place), White Mountains Re (20th place), and ACE Global Reinsurance (24th on the list of 25).

Separately, Reinsurance magazine reported on the top 100 reinsurance companies, breaking down results by subsidiaries.

The top spot again went to Munich Re in Germany, followed by Swiss Re (Switzerland) and General Re (US).

On the top 100 list, there were 15 Bermuda-based firms with rankings from 12 to 96, and included a number of the Island?s newest reinsurers ? after a wave of companies set up following the void in reinsurance capacity following the September 11, 2001 terrorist attacks.

They are: Arch Re (12th place), ACE Tempest Re (15th place), Everest Re?s Bermuda business (22nd place), XL Re (Bermuda) (26th place), Montpelier Re (30th place), Max Re Capital (36th place), Renaissance Re (38th place), Olympus Re (40th place), Endurance Specialty Holdings (44th)

AWAC (56th place), IPC Re (59th place), Catlin Insurance (67th place), DaVinci Re (78th place), Rosemont (formerly Goshawk Re), (79th place) and little talked about Tokio Millenium Re at spot 96.

Bermuda companies also made the headlines in other lists compiled by Reinsurance.

XL?s American reinsurance arm ? which was said to be behind the company?s multi-million dollar reserve increase last year ? posted the highest combined ratio of all the companies considered.

XL Re America?s combined ratio, a percentage measure of how much money a company is making on the underwriting side, stood at 175.7 percent last year. This breaks down to the company paying out about $1.76 for every $1 in business it underwrote.

But the publication noted that underwriting discipline did seem to be on the minds of reinsurance executives with the ?number declaring an underwriting profit increased dramatically. This year 61 companies are showing profit compared to 36 last year.?

Combined ratios showed this with 51 companies coming in under 100, compared to 44 in 2002.

Looking at business written during the year, Tokio Millenium Re ? which has offices in the Waterfront property on Pitts Bay Road ? saw the biggest increase with it growing its net written premiums by a whopping 190.6 percent.

Everest Re posted a 174 percent increase in net written premiums, Catlin saw growth of 172.5 percent, Platinum wrote 123.9 percent more in net written premiums and Arch Re posted a 116.4 percent increase in net written premiums.