Nineteen U.S. reinsurers comprising the Reinsurance Association of America (RAA) reported a gain of over $1 billion in 2012 net income compared to 2011, as written premiums increased and underwriting results improved.
The group’s combined 2012 net income was $7.98 billion, up from $6.69 billion in 2011, RAA reports. Three reinsurers in the group -- Endurance Reinsurance Corp., QBE North America and SCOR U.S. Group/SCOR Re -- reported net losses for the year, compared to seven reinsurers reporting net losses the year before.
Berkshire Hathaway’s National Indemnity Co. reported by far the largest net income for the 2012: $5.3 billion. The next closes reinsurer was Swiss Re America Corp., at $431.8 million. SCOR reported the largest net loss at $97.1 million.
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