Movements in P&C Re Brand Rankings highlight shifts in capacity dynamics and competitive performance across Australia & New Zealand.

2025 P&C Re brand highlights

• Three brands continue to dominate to a degree not visible in other markets
• Swiss Re maintains its position as the leading brand, widening its ratings margin in 2025 (to second- and third-placed rivals)
• Lloyd’s returns to 4th place for the first time since 2018, although ratings for positions 4-7 are more tightly-contested and expected to remain so
• The biggest ranking movers in 2025 also had large ranking gains over two years: Liberty Mutual Reinsurance (+14), Arch Re (+10) and Peak Re (+8)

Exhibit 1: 2025 P&C Re Brand Rankings – Australia & New Zealand Top 20

NMG Consulting’s P&C Reinsurance Brand Rankings offer insight into brand performance, derived from the evaluation of reinsurers in NMG’s annual Study of the P&C Reinsurance market which includes feedback from over 2,000 re/insurance executives globally. Factors evaluated include the unaided perspectives of insurers and reinsurance brokers as to the ‘best-quality’ reinsurer brands overall, as well as any distinct preferences for specialist expertise at the line of business level.