Key Takeaways
- According to SEC filings, eight companies assumed more than 50% of their gross premiums from other insurers in 2025; Reinsurance Group of America earned the most net premiums among them, $17.2 billion.
- Together the eight earned $66.7 billion in net premiums, according to their SEC filings, and Reinsurance Group of America alone earned 26% of it.
- No industry code marks a reinsurer: the eight file with the SEC under four different SIC codes, so they are found by what their own financial statements report.
- Reinsurers that file no financial statements with the SEC, including groups listed only outside the US, are not in this list.
Eight companies that file financial statements with the SEC assumed more than 50% of their gross premiums from other insurers in 2025, and Reinsurance Group of America earned the most net premiums among them, $17.2 billion, according to their SEC filings. Arch Capital was next, with $17.1 billion. The eight together earned $66.7 billion in net premiums, according to the same filings, and Reinsurance Group of America earned 26% of it.
No industry code marks a reinsurer. The eight file with the SEC under four different SIC codes, including KKR & Co., under SIC 6282 (Investment Advice), so this list is drawn by a rule read from each company's own financial statements rather than by code or by name. It is a list of reinsurers that file with the SEC, not of the reinsurance market: reinsurers that file no financial statements with the SEC, including groups listed only outside the US, are not in it.
Reinsurers filing with the SEC, by net premiums earned
A company is on this list when the premiums it assumed from other insurers were more than 50% of its gross premiums, direct plus assumed, as it tagged them in the SEC's XBRL financial data for its fiscal year closest to calendar 2025. Companies are ranked by net premiums earned, worldwide and after the reinsurance they cede in turn. "Basis" says whether the share was read from premiums earned or, where a company tags only those, premiums written.
| Rank | Company | Ticker | Net premiums earned | Premiums assumed | Assumed share of gross | Basis | Files under SIC | Note | Fiscal year end | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reinsurance Group of America Inc. | RGA (NYSE) | $17.2 billion | $17.5 billion | 98.4% | Earned | 6311 Life Insurance | December 31, 2025 | SEC | |
| 2 | Arch Capital Group Ltd. | ACGL (Nasdaq) | $17.1 billion | $13.1 billion | 56.2% | Earned | 6331 Fire, Marine & Casualty Insurance | December 31, 2025 | SEC | |
| 3 | Everest Group, Ltd. | EG (NYSE) | $15.6 billion | $13.1 billion | 72.6% | Earned | 6331 Fire, Marine & Casualty Insurance | December 31, 2025 | SEC | |
| 4 | RenaissanceRe Holdings Ltd. | RNR (NYSE) | $9.9 billion | $10.7 billion | 92.1% | Earned | 6331 Fire, Marine & Casualty Insurance | December 31, 2025 | SEC | |
| 5 | KKR & Co. Inc. | KKR (NYSE) | $3.4 billion | $3.4 billion | 64.9% | Earned | 6282 Investment Advice | an investment firm; its premiums are those of Global Atlantic, the insurance business it owns | December 31, 2025 | SEC |
| 6 | Athene Holding Ltd. | ATHS (NYSE) | $2.6 billion | $1.7 billion | 61.2% | Earned | 6311 Life Insurance | owned by Apollo Global Management, which reports the same premiums | December 31, 2025 | SEC |
| 7 | Bowhead Specialty Holdings Inc. | BOW (NYSE) | $492 million | $863 million | 100.0% | Written (of gross) | 6331 Fire, Marine & Casualty Insurance | December 31, 2025 | SEC | |
| 8 | International General Insurance Holdings Ltd. | IGIC (Nasdaq) | $454 million | $358 million | 54.1% | Earned | 6399 Insurance Carriers, NEC | December 31, 2025 | SEC |
Download this table (CSV), free, with the companies close to the line and those the rule cannot classify. The full dataset, every SEC filer that tagged assumed premiums for the year with its direct, ceded and net figures, is one email away.
Two more filers pass the rule and are left out, because another company on the list already reports their premiums:
- Everest Reinsurance Holdings Inc. is a subsidiary of Everest Group, which consolidates it.
- Apollo Global Management, Inc. is the parent of Athene Holding, which it consolidates; it reports Athene's premiums.
Close to the line
The 50% line decides who is on the list, so these six companies, which assumed between 40% and 50% of their gross premiums according to their SEC filings, are shown with the same figures. The rule counts a share, not an amount, so a company that assumes a lot of premium but writes even more directly sits under it.
| Company | Assumed share of gross | Basis | Premiums assumed | Net premiums earned | Files under SIC | Source |
|---|---|---|---|---|---|---|
| Cavco Industries, Inc. | 49.3% | Earned | $44 million | $59 million | 2451 Mobile Homes | SEC |
| Hamilton Insurance Group, Ltd. | 48.4% | Earned | $1.3 billion | $2.1 billion | 6331 Fire, Marine & Casualty Insurance | SEC |
| Donegal Group Inc. | 46.5% | Earned | $617 million | $921 million | 6331 Fire, Marine & Casualty Insurance | SEC |
| Kestrel Group Ltd | 41.8% | Earned | $5 million | $13 million | 6331 Fire, Marine & Casualty Insurance | SEC |
| SiriusPoint Ltd | 40.9% | Earned | $1.4 billion | $2.6 billion | 6331 Fire, Marine & Casualty Insurance | SEC |
| Aspen Insurance Holdings Ltd. | 40.2% | Earned | $1.9 billion | $2.8 billion | 6331 Fire, Marine & Casualty Insurance | SEC |
Assumed premiums the rule cannot classify
These eight companies tagged assumed premiums for 2025 but none of the direct or gross premium figures the share needs, so the rule cannot place them on either side of the line. A missing figure is not a zero, and they are listed here with the assumed premiums they reported to the SEC rather than ranked.
| Company | Premiums assumed | Net premiums earned | Files under SIC | Source |
|---|---|---|---|---|
| Hagerty, Inc. | $777 million | $727 million | 6411 Insurance Agents, Brokers & Service | SEC |
| Greenlight Capital RE, Ltd. | $773 million | $661 million | 6331 Fire, Marine & Casualty Insurance | SEC |
| Nelnet Inc. | $184 million | $108 million | 6141 Personal Credit Institutions | SEC |
| Boeing Co. | $99 million | not published | 3721 Aircraft | SEC |
| Credit Acceptance Corp. | $94 million | $96 million | 6141 Personal Credit Institutions | SEC |
| Baldwin Insurance Group, Inc. | $23 million | not published | 6411 Insurance Agents, Brokers & Service | SEC |
| US Alliance Corp | $5 million | $17 million | 6311 Life Insurance | SEC |
| OXBRIDGE RE HOLDINGS Ltd | $2 million | $2 million | 6331 Fire, Marine & Casualty Insurance | SEC |
What this means for technology buyers
Reinsurance runs on contracts between insurers: treaties and facultative placements to set up, bordereaux and statements to reconcile, and recoveries to collect. The ceding insurer and the reinsurer both carry the administration, and its weight grows with the number of treaties. These guides compare the options:
- Reinsurance management platforms for primary insurers: treaty administration, cessions and recoveries from the ceding side.
- Regulatory compliance software for insurers: statutory reporting and the filings behind them.
- Policy administration systems for life insurers: the policy records a life reinsurance treaty is written against.
- Automated underwriting systems for life insurance: the underwriting rules a life reinsurer and its clients share.
Mapping the business? The P&C Insurer Business Capability Model sets out what a property and casualty insurer does, reinsurance included.
More from Finantrix Atlas
- US-listed property and casualty insurers by premiums
- Life and annuity insurers by assets
- Largest commercial health insurers
How this list was built
The universe is every company in the SEC's XBRL frames for calendar 2025 that tagged assumed premiums, earned or written: 102 companies. Insurers report direct, ceded, assumed and net premiums in Schedule IV (Reinsurance), the schedule set out in Rule 12-17 of Regulation S-X, and those are the figures the rule reads.
The rule, in order. Where a company tagged both direct and assumed premiums earned, its assumed share is assumed divided by direct plus assumed, earned. Otherwise it is read from direct and assumed premiums written, and failing those from assumed premiums written over gross premiums written. More than 50% assumed, in the company's own SEC filings, puts it on the list.
Checked against the filings. The SEC's frames hold one value per company per period. Each of the 31 figures the rule and the ranking use for a listed reinsurer was read again from the company's own annual report through the SEC's company-concept data, and matches. For all eight, gross premiums, direct plus assumed, less ceded premiums equal the net premiums they report, as Schedule IV presents them. A parent and a subsidiary that both pass the rule are counted once, and the check proves the relation before one is dropped.
Limits
- Filers only. Reinsurers that file no financial statements with the SEC are not in the data, including groups listed only outside the US and reinsurers owned by groups that do not tag their premiums by company. Berkshire Hathaway, which owns reinsurers, reports its premiums by business segment and has no assumed-premium figure in the frames.
- Accounting, not business model. The rule reads how premiums are booked. A company whose policies are issued by another insurer and passed to it, a fronting arrangement, books them as assumed and counts here; a mixed insurer and reinsurer counts only when assumed premiums are more than 50% of its gross in its SEC filings.
- Consolidated and worldwide. Each figure is the company's consolidated total across every country it writes in, including any primary insurance it also writes.
- As tagged. A company that tagged its premiums under a different element, or only by segment, is not in the frames, and one that tagged assumed premiums without the rest is listed above as not classifiable.
- One year. Each figure is for the company's fiscal year closest to calendar 2025, the period the SEC's frames align it to; most end on December 31, 2025, and the table gives each one's date.
Cite this
Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.
Among companies that file with the SEC and assume more than 50% of their premiums from other insurers, Reinsurance Group of America earned the most net premiums in 2025, $17.2 billion, according to a Finantrix Atlas analysis of SEC filings.
Eight SEC filers assumed more than 50% of their gross premiums in 2025, and they file under four different industry codes, according to Finantrix Atlas.
Suggested citation: Finantrix Atlas, "Notable Reinsurers Filing with the SEC," fiscal 2025, from SEC XBRL financial data. https://www.finantrix.com/articles/reinsurers-notable
Embed the chart:
<a href="https://www.finantrix.com/articles/reinsurers-notable"><img src="https://www.finantrix.com/atlas/reinsurers-notable.png" alt="Reinsurers filing with the SEC by net premiums earned, from SEC data, by Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/reinsurers-notable">Finantrix Atlas</a>, from SEC XBRL data.</p>
Frequently asked questions
Q: Which reinsurer filing with the SEC reports the most premiums? A: Reinsurance Group of America, with $17.2 billion in net premiums earned in 2025, according to its SEC filings. It assumed 98% of its gross premiums from other insurers, according to the same filings.
Q: How is a reinsurer identified here? A: By a rule, not by name: a company is listed when the premiums it assumed from other insurers were more than 50% of its gross premiums, as it reported them in its SEC filings for 2025. Eight companies passed it.
Q: Why is there no SIC code for reinsurers? A: The SIC codes EDGAR assigns group insurers by line, such as life or fire, marine and casualty, not by whether they insure people and businesses or other insurers. The eight reinsurers on this list file under four different codes, according to EDGAR.
Q: Why are some large reinsurers missing? A: Only companies that file financial statements with the SEC are in the data. Reinsurers listed only outside the US, and reinsurers owned by groups that report premiums only by segment, file no figures this rule can read.
Download the data
The 22 rows on this page (CSV), free. The full dataset has all 104 rows, as of December 31, 2025; we email you a link.
Frequently Asked Questions
Which reinsurer filing with the SEC reports the most premiums?
Reinsurance Group of America, with $17.2 billion in net premiums earned in 2025, according to its SEC filings. It assumed 98% of its gross premiums from other insurers, according to the same filings.
How is a reinsurer identified here?
By a rule, not by name: a company is listed when the premiums it assumed from other insurers were more than 50% of its gross premiums, as it reported them in its SEC filings for 2025. Eight companies passed it.
Why is there no SIC code for reinsurers?
The SIC codes EDGAR assigns group insurers by line, such as life or fire, marine and casualty, not by whether they insure people and businesses or other insurers. The eight reinsurers on this list file under four different codes, according to EDGAR.
Why are some large reinsurers missing?
Only companies that file financial statements with the SEC are in the data. Reinsurers listed only outside the US, and reinsurers owned by groups that report premiums only by segment, file no figures this rule can read.