Bermudian-based reinsurance group RenaissanceRe is expected to move higher in the pecking order of the world’s top reinsurance groups in next year’s listing by AM Best.

For this year, it trails Everest Re Group Ltd as the top Bermudian company based on premium writings in the 2022 list put out this summer by the research and rating agency.

There are several Bermuda reinsurance groups listed in the Top 50 in the world, according to the Reinsurance News publishing of a directory based on research from the agency.

The news publication says the directory provides a simple way to analyse the world’s top reinsurance companies, ranking them by unaffiliated gross reinsurance premiums written in 2022.

Everest Re comes in at tenth place, with gross life and non-life premiums written of more than $9.3 billion and net premiums written of nearly $9 billion.

Everest is closely followed by RenaissanceRe Holdings Ltd with $9.2 billion in gross premiums written and net premiums written of nearly $7.2 billion, and at No 12 is PartnerRe Ltd (GPW: $8.7 billion, NPW: $7.5 billion).

German reinsurer Munich Re remains the world’s largest reinsurance group with GPW of roughly $51.3 billion and NPW of $48.6 billion, followed by Swiss Re (GPW of $39.8 billion and NPW of $37.3 billion).

The two European companies have been at the top of the charts for decades.

Christopher Pennings, financial analyst, AM Best, is quoted: “AM Best expects RenaissanceRe to move up once its acquisition of Validus from AIG is completed.”

He said the two combined had gross life and non-life premiums written of $12.3 billion, which would have ranked it at No 10.

Also on the list are Arch Capital Group Ltd (14), Sompo International Holdings, Ltd. (17), Axa XL (21), Validus Reinsurance Ltd (23), Axis Capital Holdings Limited (27), Aspen Insurance Holdings Limited (32), SiriusPoint Ltd (37), Allied World Assurance Company Holdings AG (39), Convex Group Limited (40), Hiscox Ltd (45), Somers Re (46) and Lancashire (49).

AM Best noted that many of the significant year-on-year changes on the list occurred outside the Top 10, including the additions of the Convex Group which entered the Top 50 list at No 40.

Convex was founded in 2019 with $1.7 billion of initial committed capital to underwrite insurance and reinsurance for complex specialty risks.

In 2022, it had nearly $1.5 billion in gross life and non-life reinsurance premiums written and net premiums written of more than $1.1 billion.