The optimization problem in reinsurance risk theory is one of the hot issues that has attracted wide attention in the academic and financial circles. In order to study the optimal reinsurance strategy that can minimize the risk of bankruptcy under the classical risk model, this paper establishes a hybrid reinsurance model of proportional reinsurance and excess loss reinsurance based on the variance premium principle, calculates the mathematical expectation and variance of the pure operating profit process, and establishes the Lagrange function using the mean-variance criterion, solves the equations that satisfy the optimal proportional coefficient and the optimal retention, and uses specific examples to illustrate the practical application of the hybrid reinsurance model.