A U.S. Reinsurers List Shows Improved Ratios

By Lisa S. Howard, Reinsurance Editor

NU Online News Service, June 5, 10:57 a.m. EDT?U.S. reinsurers are finally beginning to make money on their underwriting?the Reinsurance Association of America's quarterly survey of underwriting results reveals.

A group of 29 U.S. property-casualty reinsurers reported a combined ratio of 96.4 during the quarter ended March 31, 2003, compared with a combined ratio of 101.8 reported by a similar group of reinsurers for the same period last year, according to the Washington, D.C.-based RAA.

The ratio for the 2003 first quarter was attributable to a 71.3 loss ratio and a 25.1 expense ratio, the RAA said.

During the first quarter this year, the reinsurers wrote $8.5 billion of net premiums, compared with $6.7 billion during the same period of 2002.

The RAA results for a representative sampling of individual companies follow alphabetically:

?American Re-Insurance Company reported a combined ratio of 95.8 for the first quarter, compared with 112.9 for the same period last year.

?AXA Corporate Solutions Reinsurance Company reported a combined ratio of 112.4 in the first quarter 2003, compared to 102.9 in the first 2002 quarter. (AXA's U.S. operations are in run-off.)

?Berkley Insurance Company reported a combined ratio of 92 in the first quarter this year, compared to 91.6 last year.

?CNA Re reported a combined ratio of 90.4 in this year's first quarter, compared with 92.1 last year.

?Converium Reinsurance (North America) reported a combined ratio of 100.9 compared to 100.5 last year.

?Employers Reinsurance Corp. reported a combined ratio of 105.6, compared with 106.2 last year.

?Everest Reinsurance Company reported a combined ratio of 93.8, compared with 98.1 last year

?Folksamerica Reinsurance Company reported a combined ratio of 95.4, compared with 98.6 last year.

?General Re reported a combined ratio of 102.2, compared with 104.4 last year.

?Gerling Global Reinsurance Corp. of America reported a combined ratio of 168.4, compared with 142.7 last year. (GGR has been placed in run-off.)

?Hartford Re reported a combined ratio of 110.9, compared with 100.9 last year.

?National Indemnity Company reported a combined ratio of 59. (National Indemnity's figures last year were included in the figures for Berkshire Hathaway Group. Berkshire Hathaway had a combined ratio of 59.3 in the first quarter of 2002).

?Odyssey America Re Corp/Odyssey Re Corp. reported a combined ratio of 97.5, compared with 98.1 last year.

?Partner Re U.S. reported a combined ratio of 104.1, compared with 105.3 last year.

?Platinum Underwriters Reinsurance reported a combined ratio of 93.6 for the first quarter of 2003. Figures aren't available from last year, since Platinum is the product of a spin-off from St. Paul Cos., and started writing business in the fourth quarter of 2002.

?PMA Capital Insurance Company reported a combined ratio of 99.2, compared with 96.9 last year.

?PXRE Reinsurance Company reported a combined ratio of 78, compared with a combined ratio of 44.8 last year.

?QBE Reinsurance Corp. reported a combined ratio of 95.3, compared with 100.5 last year.

?SCOR U.S. Corp./SCOR Reinsurance Company reported a combined ratio of 102.5, compared with 111.4 last year.

?Swiss Reinsurance America Corp. reported a combined ratio of 126.2, compared with 114.7 last year.

?Toa Reinsurance Company of America reported a combined ratio of 99.5, compared with 102.1 last year;

?Transatlantic/Putnam Reinsurance Company reported a combined ratio of 98.1, which was the same as last year.

?Trenwick America Reinsurance Corp. reported a combined ratio of 106.4, compared with 104.2 last year;

?XL Reinsurance America reported a combined ratio of 68.3, compared with 74.7 last year.

Special Reports /

A U.S. Reinsurers List Shows Improved Ratios

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