Filed Under:Markets, Reinsurance

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.

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