The softening property-casualty market sent U.S. reinsurance premiums down steeply last year, but the business being written remains just as profitable, an industry group's survey and analysis reveals.
A group of 20 U.S. propertycasualty reinsurers wrote $22.7 billion of net premiums during the 12 months ended Dec. 31, 2007, compared with $25.8 billion written during the same period in 2006--a 13.6 percent fall, according to an analysis of reinsurer statutory underwriting results by the Reinsurance Association of America.
The RAA report found that despite the downward trend in premiums, the combined ratio for the group of reinsurers was 94.7--a slight improvement over the 94.9 figure reported for the same period in 2006.
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