NACE 65.2 – Reinsurance | Public Tenders

Definition: NACE 65.2 covers the activities of reinsurance undertakings that assume risks from direct insurers and thereby contribute to the stability of the insurance market. In a public context, reinsurance is relevant in particular for state insurance institutions, catastrophe funds and public risk carriers.

Legal basis: NACE Rev. 2 (Regulation (EC) No 1893/2006) · Last updated: January 2026

What does NACE 65.2 cover?

NACE 65.2 (Reinsurance) classifies undertakings that assume insurance risks from direct insurers, thereby extending the capacity of the insurance market for large risks — in the public sector relevant in particular for state risk carriers.

Group 65.2 within Section K (Financial and insurance activities) and Division 65 comprises one class:

In the public sector, reinsurance interacts primarily with state insurance institutions, public export credit insurers (e.g. Euler Hermes for the German state), natural catastrophe funds and municipal loss compensation pools.

Public Tenders: Sector NACE 65.2

Reinsurance is a highly specialised B2B segment, which becomes relevant in public procurement primarily where the state itself acts as an insurance carrier or risk bearer.

Typical types of contract

• Cover for municipal loss compensation pools: Municipal mutual insurance associations (e.g. municipal loss equalisation) protect themselves against major losses via reinsurance contracts
• State export credit insurance: Reinsurance arrangements for state export credit agencies (Hermes cover in Germany, OeKB in Austria)
• Natural catastrophe funds: Reinsurance components in state flood and earthquake protection schemes
• Consultancy services for public risk carriers: Actuarial consultancy, reinsurance analysis and placement for public institutions
• Pooling concepts: Bundling of municipal risks in inter-municipal insurance pools with a reinsurance component

Thresholds and procedure types

Reinsurance services, where tendered as a contract subject, are subject to the general service threshold (EUR 221,000 EU-wide). Due to the market concentration in the reinsurance area, the negotiated procedure is sometimes chosen.

Relevant CPV codes for NACE 65.2

Reinsurance services are listed in the CPV system under a separate heading.

Current tenders can be found on TED (Tenders Electronic Daily) as well as on national procurement platforms.

Who is NACE 65.2 relevant for in public procurement?

Public contracting authorities

State and semi-state insurance institutions, municipal loss compensation pools, professional associations and public-sector accident insurance carriers are the relevant buyers of reinsurance services. Public promotional institutions hedging credit risks are also potential contracting authorities.

Companies and bidders

Reinsurance undertakings seeking public mandates require:

• Authorisation: Reinsurance licence under Solvency II (Directive 2009/138/EC), BaFin or FMA authorisation
• Technical capability: Capacity evidence, track record in public or state reinsurance business
• Financial strength: Minimum ratings from established rating agencies (A-/A3 or better), Solvency II reports
• Specialisation: Actuarial expertise, catastrophe modelling capacity (CAT models)

NACE 65.2 in context: Section K and Division 65

NACE 65.2 is part of Division 65 (Insurance, reinsurance and pension funding) within the financial and insurance Section K.

• NACE K – Financial and insurance activities: Parent section
• NACE 65 – Insurance, reinsurance and pension funding: Parent division
• NACE 65.1 – Insurance: Direct insurance market
• NACE 65.3 – Pension funding: Occupational pension schemes
• NACE 66.2 – Activities auxiliary to insurance and pension funding: Insurance brokers and consultants

Frequently Asked Questions on NACE 65.2 and public tenders

Why is reinsurance relevant for public contracting authorities?
Public bodies that themselves act as insurance carriers (e.g. municipal loss compensation pools, professional associations) require reinsurance cover in order to financially absorb major loss events. These reinsurance contracts are subject to public procurement law.

Is there a difference between proportional and non-proportional reinsurance in the procurement context?
Both forms can be the subject of a contract. The type of reinsurance is specified in the description of services — the public procurement treatment is independent of the technical form of reinsurance.

How concentrated is the reinsurance market?
The global reinsurance market is highly concentrated (Munich Re, Swiss Re, Hannover Re, SCOR as market leaders). For highly specialised or large-volume reinsurance contracts, this can influence the choice of tender procedure.

Last updated: January 2026
All information is provided without guarantee. For legally binding advice, please consult a law firm specialising in public procurement law.