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Reinsurance Capital Hits Record $648 Billion in 2025, Gallagher Re Reports

Global reinsurance dedicated capital reached a record $648 billion at full-year 2025, an 11% increase from 2024, according to Gallagher Re's May 2026 Reinsurance Market Report.

The growth marks the second-strongest year for capital expansion in more than a decade, driven primarily by retained earnings and strong inflows into non-life alternative capital. Capital growth significantly outpaced revenue growth, which came in at just 1.4% for the year.

Traditional reinsurance capital rose 10% to $513 billion, accounting for roughly two-thirds of the overall increase. Retained earnings were the single largest contributor to reinsurance groups, accounting for nearly 50% of their capital increase. Non-life alternative capital grew 18% to $135 billion, its largest annual increase since Gallagher Re began tracking the metric. Inflows supported not only property catastrophe risk but also casualty lines.

The Gallagher Reinsurance Composite, which includes large Bermudian and Big Four European reinsurers, reported a 19.3% return on equity for 2025, up from 16.7% in 2024. Across the broader reinsurance groups universe, ROE reached 18.3%, the best result since the report's launch in 2014. The strong headline numbers were supported by below-normalized natural catastrophe losses, which provided a 1.6 percentage point benefit, as well as higher prior-year reserve releases and realized capital gains.

On the whole, however, the picture was more mixed. The Composite's underlying ROE, which strips out catastrophe normalization, reserve development, and investment gains, declined to 13.5% from 14.5% in 2024. That deterioration reflected a higher underlying combined ratio of 94.7%, up 1.7 percentage points, partly attributable to softer market rates.

The reported combined ratio for the Composite improved to a record low of 82.5%, while reinsurance groups overall posted an 84.3% combined ratio, also the lowest since 2014.

Revenue growth slowed sharply. The Composite reported just 1.2% revenue growth in 2025, down from 9.7% in 2024, as property and specialty lines softened. Casualty rates remained broadly flat. Several larger companies, including Munich Re, Swiss Re, and SCOR, pulled back from or trimmed U.S. casualty portfolios, while smaller Bermuda-based reinsurers actively deployed capital into casualty and specialty lines.

Natural catastrophe losses totaled at least $129 billion globally in 2025, below the 10-year average of $136 billion. The California and Los Angeles wildfires drove 32% of global insured losses, while severe convective storms accounted for approximately 47%. The U.S. accounted for 77% of global catastrophe losses.

Capital return to shareholders also increased. Total payouts, including dividends and buybacks, equaled 51% of net earnings, up from 46% in 2024. Share buybacks doubled as a percentage of total capital returned, reaching 45%.

Looking ahead, Gallagher Re estimates traditional reinsurance capital will grow approximately 4% in 2026. The firm projects the Composite will deliver a 14% to 15% ROE for the full year, assuming normalized catastrophe losses and investment contributions in line with historical averages.

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Mississippi Tornadoes Damage Hundreds of Homes Across Five Counties

Powerful storms that swept across southern Mississippi on May 7 damaged an estimated 500 homes and injured at least 17 people, according to state authorities. Meteorologists said the storms produced at least three tornadoes, with additional surveys underway to determine whether more touched down.

The storms struck after sunset on Wednesday, causing widespread destruction in Lincoln and Lamar counties. Debris closed Interstate 55 and several other roads in Lincoln County as emergency crews and residents began recovery efforts Thursday morning.

In Lamar County, officials reported approximately 275 homes damaged. Lincoln County reported at least 200 damaged homes, many concentrated in the rural community of Bogue Chitto.

Residents described homes being torn apart within seconds, with families sheltering in bathrooms, closets, and hallways as the tornadoes moved through residential areas.

At a trailer park in Bogue Chitto, most of the roughly two dozen homes were reduced to piles of splintered wood and twisted metal. Survivors searched through debris for personal belongings, including school backpacks, Bibles, jackets, and watches.

Krystal Miller said she and six other people, including infants as young as 4 weeks old, took shelter in a hallway after grabbing a Bible. The tornado lifted and rolled their trailer through the air.

“We just flipped, and it threw us all out,” Miller said. “It scattered everybody out.”

Miller said one child suffered facial injuries, while another remained in the hospital for monitoring. Despite the destruction, she said her family survived.

Elsewhere in Bogue Chitto, Dmell Burnes said he covered his 11-year-old daughter inside a closet as the tornado tore apart their home. Although the walls and roof came off the structure, the closet frame remained intact.

In Purvis, property owner Anunciata Schwebel watched the storm unfold over FaceTime while speaking with a tenant sheltering in a bathtub. She said windows shattered as the tornado ripped roofs and walls from a cluster of cottages she owned.

“We could see a line of people sitting in their tubs,” Schwebel said. “We thought people were dead.”

At Coaltown Baptist Church in Purvis, church members sheltered in a hallway during the storm. Meanwhile, 15-year-old Max Mahaffey said he and his grandmother moved from a bathroom to a living room couch after the roof of their home was torn away.

National Weather Service meteorologist Daniel Lamb said investigators will continue surveying affected areas to assess the full extent of the tornado activity and property damage.

Mississippi Gov. Tate Reeves said the Mississippi Emergency Management Agency coordinated response efforts, while volunteer rescue groups established temporary shelters and distributed supplies to displaced residents in Lincoln County.

Source: AP News

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Swiss Re Reports USD 1.5 Billion Net Income in First Quarter of 2026

Swiss Re reported net income of $1.5 billion for the first quarter of 2026, marking a 19% increase from the same period last year. The company also recorded a return on equity (ROE) of 23.6%, up from 22.4% in the first quarter of 2025. According to the company, the results reflected contributions from all business units, low natural catastrophe losses, and strong investment income.

Swiss Re CEO Andreas Berger said the company’s first-quarter performance reflected strategic actions taken in recent years to strengthen operations. He added that Swiss Re remains focused on underwriting discipline, active cycle management, and efficiency across the group as market conditions become more challenging.

Group CFO Anders Malmström said Life & Health Reinsurance made a strong start to the year following its 2025 portfolio review. He also noted that Swiss Re set aside additional reserves to address possible inflationary impacts from the ongoing conflict in the Middle East.

Swiss Re’s insurance revenue totaled $10.0 billion in the first quarter, compared with $10.4 billion during the same period in 2025. The company attributed the decline primarily to lower revenues in Property & Casualty Reinsurance and the continued withdrawal from its iptiQ business. Favorable foreign exchange movements partially offset those reductions.

Meanwhile, the group’s insurance service result increased to $1.7 billion from $1.3 billion a year earlier. Swiss Re also reported a return on investments (ROI) of 4.6% for the quarter. The company said recurring income reached $1.0 billion, supported by gains from real estate sales. Recurring income yield remained at 4.1%, while reinvestment yield reached 4.3%.

Swiss Re maintained a strong capital position with an estimated Group Swiss Solvency Test (SST) ratio of 252% as of April 1, 2026. The company’s target range is 200% to 250%.

Property & Casualty Reinsurance Posts Higher Net Income

Property & Casualty Reinsurance (P&C Re) reported net income of $754 million for the first quarter, up 43% from $527 million during the same period in 2025. Swiss Re said disciplined underwriting, low natural catastrophe losses, and strong investment income supported the increase.

The unit’s insurance service result rose to $795 million from $575 million a year earlier. Large natural catastrophe claims totaled $133 million and were primarily linked to Storm Kristin, which made landfall in Portugal in January. Large man-made losses reached $41 million.

P&C Re achieved a combined ratio of 79.5%, compared with 86.0% in the prior-year quarter. Swiss Re stated that the business unit continues to target a combined ratio below 85% for the full year.

Insurance revenue for P&C Re declined to $4.1 billion from $4.5 billion in the prior-year period. The company said renewals outcomes and reduced volumes written by cedents drove the decrease, although foreign exchange movements provided some support.

In April renewals, P&C Re renewed treaty contracts representing $2.3 billion in premium volume. That reflected an 8% decline compared with business up for renewal. Swiss Re reported a nominal price decrease of 2.5% while maintaining stable terms and conditions. However, updated loss assumptions increased by 3.6%, resulting in a net price decrease of 6.1%.

Corporate Solutions Continues Underwriting Performance

Corporate Solutions reported net income of $262 million for the first quarter, a 26% increase from $208 million in the same period last year. Swiss Re said disciplined underwriting, low large-loss activity, and investment income contributed to the result.

The business unit’s insurance service result increased to $286 million from $240 million in the prior-year period. Large man-made losses totaled $12 million, while the unit did not experience any large natural catastrophe losses during the quarter.

Corporate Solutions recorded a combined ratio of 85.1%, compared with 88.4% during the same period in 2025. The unit continues to target a combined ratio below 91% for the full year.

Insurance revenue totaled $1.7 billion, slightly lower than $1.8 billion a year earlier. Swiss Re said growth in targeted business lines and favorable foreign exchange movements offset most of the impact from the previously announced non-renewal of the Irish Medex business.

Life & Health Reinsurance Reports Strong Quarter

Life & Health Reinsurance (L&H Re) posted net income of $491 million in the first quarter, up 12% from $439 million in the prior-year period. Swiss Re said the result reflected underwriting margins from the unit’s in-force portfolio, along with favorable mortality experience in the United States.

The unit’s insurance service result rose to $547 million from $456 million a year earlier. Insurance revenue increased to $4.3 billion from $4.1 billion, driven by favorable foreign exchange movements and higher contributions from longevity business.

L&H Re generated a new business contractual service margin (CSM) of $164 million during the quarter, compared with $344 million in the prior-year period. Swiss Re said lower transaction activity was primarily to blame for the decline.

The business unit’s CSM balance stood at $16.8 billion at the end of the quarter, compared with $17.0 billion at the end of 2025. Swiss Re attributed the decrease mainly to foreign exchange translation impacts tied to the strengthening U.S. dollar.

Swiss Re said L&H Re continues to target net income of $1.7 billion for 2026.

Looking ahead, Berger said Swiss Re remains focused on underwriting discipline, cost efficiency, and achieving its 2026 financial targets amid ongoing economic uncertainty and market challenges.

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PLM Announces Leadership Changes and Promotions Across Organization

Pennsylvania Lumbermens Mutual Insurance Company (PLM) has announced several executive leadership changes and promotions as the company continues to focus on profitability, growth, and innovation. The Philadelphia-based insurer said the changes are part of its long-term strategy to prepare for the future while supporting continued operational development.

PLM named Steve Firko, CPCU, president, effective immediately. Firko succeeds John K. Smith, CPCU, who will continue serving as chief executive officer after more than 27 years with the company. Firko will report to Smith in his new role.

As president, Firko will oversee claims, accounting, regulatory, human resources, and information technology operations. PLM said Firko will also help execute the company’s strategic vision.

Smith said Firko has held leadership roles across multiple divisions during his more than 20 years with PLM and has developed extensive expertise in the wood industry niche.

“Steve is a highly respected leader who has served in leadership roles across divisions at PLM. He has gathered years of expertise in the wood niche and has been a valuable resource to our team, as well as to our policyholders,” Smith said.

Smith also said Firko and the broader PLM leadership team have played an important role in shaping the company’s strategic direction.

Firko joined PLM as a field manager and later advanced through leadership positions in marketing, underwriting, claims, loss control, customer service, and operations. Most recently, he served as executive vice president and chief operating officer. Across nearly 40 years in the industry, Firko has worked with insureds, brokers, and industry associations within the wood and insurance sectors.

“I’m honored to step into the role of president at PLM and continue building on the foundation of a mutual institution established over 130 years ago,” Firko said. “PLM has always been defined by its commitment to its policyholders and the wood industry, and I look forward to working with our talented team to advance that mission while embracing innovation and navigating the challenges ahead.”

PLM also announced several additional executive promotions across the organization.

Lindsey N. DiGangi, CPCU, was promoted to senior vice president and chief operating officer, succeeding Firko. In her new role, she will oversee underwriting, field operations, loss control, marketing, customer service, operations and agency operations through Green Tree Risk Partners. DiGangi previously served in leadership positions across several PLM departments.

The company also promoted BJ Gardner to the position of assistant vice president of information technology. Gardner most recently served as director of IT and has nearly 20 years of experience at PLM. His background includes systems architecture, infrastructure and technology operations.

In addition, Ray Rogers was promoted to assistant vice president of claims. Rogers previously served as director of property claims and has worked at PLM for more than two decades. He joined the company in 2001 and has held several claims-related roles during his tenure.

Pennsylvania Lumbermens Mutual Insurance Company is a property and casualty insurer serving the lumber, woodworking and building material industries. Based in Philadelphia, the company has more than 130 years of experience and provides coverage for more than 5,500 businesses nationwide. Its offerings include property, general liability, inland marine, business automobile, commercial excess liability and equipment breakdown coverage.