RAA Group of U.S. Reinsurers Improves Underwriting Results in First 9 Months of 2012

A group of 19 U.S. property and casualty reinsurers saw its underwriting profit for the first nine months of the year improve from a loss of over $2 billion in 2011 to a gain of just under $1.4 billion in 2012.

Last year at this time, the Reinsurance Association of American reported that, out of the 19 reinsurers, all but four had reported underwriting losses for the first nine months of 2011. For the first nine months of this year, 10 of the 19 reinsurance groups reported underwriting gains, and just three reported overall net losses for the period.

The group’s combined ratio improved from an unprofitable 108.8 in 2011’s first nine months to 91.8 for the same period this year.  

The group of reinsurers reports a combined net income for the period of $5.9 billion. Berkshire Hathaway’s National Indemnity Company represents the lion’s share of the total, recording a nine-month net income of $3.7 billion. The next-closest reinsurer is Swiss Re America Corp., which reports net income of $382.3 million.

Swiss Re America reports the largest underwriting gain for the period, at $341.2 million. National Indemnity was second at $336.9 million. 

American Agricultural Insurance Co., Endurance Reinsurance Corp. of America, and SCOR U.S. Group/SCOR Re were the three companies reporting net losses for the period.

SCOR U.S. Group/SCOR Re recorded the largest net loss at $88.4 million, and also the largest underwriting loss at $58.3 million.

The group’s policyholders’ surplus increased to $120.1 billion from $104.9 billion in the first nine months of 2011.

Comments

Resource Center

View All »

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...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.