Reinsurance market report : results for full-year 2025

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<title>Reinsurance market report</title>
<subTitle>: results for full-year 2025</subTitle>
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<namePart>Gallagher Re</namePart>
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<publisher>Gallagher Re</publisher>
<dateIssued>2026</dateIssued>
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<abstract displayLabel="Summary">The Gallagher Re Reinsurance Market Report (May 2026) analyzes full-year 2025 results for the global reinsurance industry. Total dedicated reinsurance capital rose 11% to USD 648bn, driven by strong retained earnings in traditional capital and historic inflows into non-life alternative capital. The Composite's reported ROE reached 19.3%, supported by benign natural catastrophe losses, investment gains, and prior-year reserve releases; underlying ROE eased to 13.5% amid softer pricing and equity growth outpacing revenues. Premium growth slowed to ~1% as market conditions softened, while reported combined ratios hit record lows (82.5% for the Composite). Alternative capital expanded to USD 135bn, increasingly entering beyond property cat. For 2026, capital growth is expected to moderate (~4%) and ROE to remain above the implied cost of equity (estimated 1415%) assuming normalized nat-cat activity. Methodological updates refine capital definitions and profitability drivers</abstract>
<tableOfContents displayLabel="Contents">Executive summary -- Introduction -- Key themes -- Capital -- Profitability -- Appendix 1 -- Appendix 2</tableOfContents>
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<topic>Reaseguro</topic>
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<topic>Mercado de reaseguros</topic>
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<topic>Empresas de reaseguros</topic>
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<topic>Rentabilidad</topic>
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<topic>Catástrofes naturales</topic>
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