A group of 19 U.S. reinsurers more than doubled its first-quarter net income in 2013 compared to the year before thanks in large part to a dramatic turnaround in net underwriting gains.
The group, which collectively makes up the Reinsurance Association of America (RAA), reports Q1 2013 net income of $3.4 billion, compared to $1.5 billion a year ago. The RAA companies had a combined net underwriting gain in the quarter of $1.2 billion, compared to a net underwriting loss of $69.3 million in 2012’s first quarter.
Only 3 out of the 19 reinsurers -- Endurance Reinsurance Corp. of America, Partner Reinsurance Company and QBE North America -- reported net underwriting losses in 2013’s first quarter. By contrast, 10 of the reinsurers reported net underwriting losses for the same period a year ago.
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