How reinsurers fared in Canada last year

Lloyd’s Underwriters accounted for $6.1 billion in net written premium in Canada in 2022, dwarfing the amount written by the next highest reinsurer member of the Reinsurance Research Council (RRC) in Canada.

Composed of 22 reinsurers that write business in Canada, RRC posted the individual financial results of each of its members on July 13.

In addition to writing the most premium of the RRC members, Lloyd’s posted one of the better loss ratios — 70.15% — of RRC members writing business in Canada last year.

Related: What’s driving Canadian insurers’ reinsurance rates?

Overall, RRC members combined for $9.7 billion in new premiums written in Canada and an overall combined ratio of 70.47%, which was down a few percentage points from the 79% COR RRC members posted in 2021.

Of RRC members who wrote at least $100 million in net premium last year, General Re — with $145.6 million in net premium written — posted the best combined ratio result of 32.33%.

Hannover Ruck SE wrote the second-most net premium in Canada among RRC members, with $864.9 million, and posted a combined ratio of 80.17%.

Third was SCOR Canada Re, writing $375.9 million in net premium, followed by Westport Insurance Corporation at $334.9 million. SCOR posted a combined ratio of 74.47% in Canada, while Westport’s COR last year 71.13%.

The results of other notable reinsurers writing business in Canada include:

Reinsurer
2022 Net Premiums Written
2022 Combined Ratio

Farm Mutual Reinsurance Plan
$209.9 million
80.77%

Transatlantic Re
$195.4 million
70.56%

Temple Insurance
$183.9 million
66.17%

Axis Re
$178.3 million
57.30%

Partner Re
$165.7 million
77.29%

Swiss Re
$156.8 million
68.79%

Feature image courtesy of iStock.com/Orbon Alija