3.3.6Segment

Reinsurance

Reinsurance companies providing risk transfer solutions to primary insurance carriers on a treaty or facultative basis.

4
Verticals

Overview

Reinsurance provides risk-transfer solutions to primary insurers on a treaty or facultative basis, led by global reinsurers (Munich Re, Swiss Re, Hannover Re, Berkshire) and the Bermuda market. It absorbs catastrophe and large-loss risk from primary carriers, making it central to the system's capacity.

Rates hardened sharply after years of catastrophe losses, restoring profitability and attracting capital, including insurance-linked securities and alternative capital. It is a consolidated, capital-intensive, globally concentrated market.

Market snapshot

Market size
~$99B
Growth
~8.2%CAGR (2017–22, nominal)
Companies
~650
FragmentationConsolidated

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 524130 (Reinsurance Carriers); revenue is reinsurance premiums.

Business model & economics

Revenue model
Reinsurance premiums against ceded losses, plus investment income
Recurring revenue
High — renewing treaty relationships
EBITDA margin
Combined-ratio-driven; catastrophe-exposed
Capex intensity
Low
  • Absorbs catastrophe and large-loss risk from primary carriers.
  • Rates hardened after years of catastrophe losses.
  • Alternative capital (ILS) supplements traditional capacity.

M&A deal context

Moderate deal activity

Who’s acquiring

Global reinsurersBermuda & alternative-capital platformsInsurance-linked-securities investors

What’s driving deals

  • Hardening rates restoring profitability.
  • Alternative capital and ILS growth.
  • Catastrophe-driven capacity dynamics.

Verticals in this segment

  • 3.3.6.1Catastrophe Reinsurance

    Reinsurers providing property catastrophe excess-of-loss coverage.

  • 3.3.6.2Facultative Reinsurance

    Reinsurers providing coverage on individual risk placements.

  • 3.3.6.3Life & Health Reinsurance

    Reinsurers supporting life, health, and mortality risk transfers.

  • 3.3.6.4Treaty Reinsurance

    Reinsurers providing proportional and excess of loss treaty coverage.

Find Reinsurance acquisition targets

Search Acquisera’s index for companies classified under Reinsurance (3.3.6) and build a targeted deal pipeline.

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