Mapfre Re, Mapfre’s reinsurance unit, is moving up the rankings of the world’s largest reinsurance companies, a recognition that reflects its very strong performance in recent years as a highly specialized business with a substantial international footprint.
S&P Global Ratings has published its ranking of reinsurers, one of the most prestigious in the world, in which Mapfre Re has once again climbed a place to become the 12th-largest reinsurer globally, with €8,397 million in premiums (up 4.5%, based on 2025 year-end figures) and €381 million in profit. A year earlier, Mapfre Re ranked 13th; two years ago it was 16th, and three years ago, 17th.
Mapfre Re’s total premium volume comprises both its reinsurance business, which reached €6,644 million, and the premiums written by Mapfre Global Risks, Mapfre’s specialist large-risks unit, which amounted to €1,753.4 million in 2025.
128.8% growth in ten years
Mapfre Economics, Mapfre’s research service, compiles its own ranking of the largest international insurers. In this ranking, Mapfre Re also moves up one place, to 11th – its highest position across the entire historical series analyzed (since 2015). Over these ten years, Mapfre Re has more than doubled its premiums, with growth of 128.8%, equivalent to a compound annual growth rate of 8.6%. In 2025, the company’s share of the global market rose by 0.1 percentage points to 2.6%.
The one-place difference from the S&P ranking arises because Mapfre Economics excludes Lloyd’s on account of its operational and legal nature (it functions as a specialist marketplace made up of syndicates that underwrite risks independently). In the non-life segment, where the Mapfre Group has traditionally had a stronger presence, Mapfre Re breaks into the global top 10, with a market share of 3.6%.
Rating agency AM Best, which specializes in the insurance sector, publishes a further ranking based on different criteria, reflecting differences in how business figures are reported. Here too, Mapfre Re climbs one place, ranking as the world’s 14th-largest reinsurer.
A global reinsurer
Mapfre Re has a diversified, global business, with offices in 19 countries: Canada, the United States, Mexico, Colombia, Brazil, Argentina, the United Kingdom, Belgium, France, Germany, Italy, Spain, Portugal, India, China, Japan, the Philippines, Malaysia and Singapore, from which it serves more than 100 markets around the world.
China and India are the most recent additions to this international footprint. In 2024, Mapfre Re received final approval to convert its Beijing representative office into a branch, the culmination of a presence in the Chinese market that dates back to the 1980s. Over the intervening decades, Mapfre’s reinsurance unit has steadily expanded its activity in the country, building a solid book of business and extensive partnerships with China’s leading domestic insurers.
This year, India joined the Mapfre Re network with the opening of an office in Gujarat International Finance Tec-City (GIFT City), a key move in its growth strategy for Asia. Mapfre Re’s activity in India goes back more than a decade.
Innovation for greater protection
Mapfre Re is also innovating to strengthen its value proposition and its capacity to provide protection against increasingly complex risks.
A recent example is the placement last May of a $200 million catastrophe bond, a transaction that provides cover against US hurricanes, strengthening the Mapfre Group’s financial resilience and diversifying its risk management. It is the third transaction of its kind, following those completed in 2024 and 2025 for different businesses and regions, each worth $125 million. Catastrophe bonds, which complement traditional reinsurance, are financial instruments that allow insurers and reinsurers to transfer part of the risk of major natural disasters to the capital markets: if a predefined catastrophe occurs, investors absorb a share of the losses.
