RAA: 15 of 19 U.S. Property-Casualty Reinsurers Post Underwriting Loss

NU Online News Service, Nov. 29, 10:59 a.m. EST

All but four from a group of 19 U.S. property and casualty reinsurers reported a net underwriting loss during the first nine months of the year.

A survey of reinsurers’ statutory underwriting results reveals the combined ratio for the group during the first nine months of 2011 was an unprofitable 108.8, according to the Reinsurance Association of America.

The group’s combined ratio during the same period in 2010 was 96.6.

Overall the group posted an underwriting loss of more than $2 billion.

Policyholder surplus after nine months this year is down to $104.9 billion from $107.5 billion a year ago, RAA says.

Net premiums were up to $20.5 billion compared to $18.3 billion in 2010 after nine months.

Swiss Reinsurance America Corp. reported a net underwriting gain of $71.7 million; Berkshire Hathaway’s General Re Group posted a gain of $44.9 million; Toa Reinsurance Company of America netted nearly $4 million; and SCOR U.S. Group/SCOR Re recorded an underwriting gain of $255,000.

Berkshire’s National Indemnity Co. posted the largest net underwriting loss, $840 million, after nine months. However, National Indemnity, by far, posted the largest net income during the same time, nearly $3.4 billion--which accounts for much of the reason why the group's total net income was $4.4 billion, down from $6.3 billion a year ago.

The largest net income loss ($98 million) during the first nine months for the group was recorded by American Agricultural Insurance Co., which also recorded a net underwriting loss of $123.4 million and a combined ratio of 145.2—which also led the group after nine months.

Comments

Resource Center

View All »

Making Coverage Letters Work for Your Clients

If you're a broker or insurance buyer with any length of service in the commercial...

Complimentary White Paper: The Compression of Workplace Time

How brokers and carriers respond to the compression of workplace time will create significant competitive...

The Changing Insurance Consumer: 6 Ways to Create Profitable Relationships

Today’s mobile and web-savvy consumers have new expectations when it comes to interacting with your...

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Looking for Markets?

Search Kirschner’s Insurance Directory to help service your hard to place risks.

497 Risk Categories | 70,000 P&C Insurance Markets

kirschners
Specialty Markets Insight eNewsletter

Receive updates and analyses on hard to place and challenging coverages. Sign Up Now!

Advertisement. Closing in 15 seconds.