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 decrease of 13.6 percent, according to a reinsurance association report.
An analysis of reinsurers' statutory underwriting results conducted by the Reinsurance Association of America (RAA) found that the combined ratio for the group of reinsurers was 94.7, a slight improvement over the 94.9 combined ratio reported for the same period in 2006. The combined ratio is attributable to a 65-point loss ratio and an expense ratio of 29.7, according to the Washington, D.C.-based RAA.
For the same period in 2006, the loss ratio was 67.1 and the expense ratio was 27.8. Policyholders' surplus at Dec. 31, 2007 was $75.9 billion, compared to $74.5 billion for the same period in 2006, RAA said.
Net premiums written were lower for some reinsurers in 2007 and higher for others. For example, Swiss Re America Corp. was $1.49 billion in 2007 compared to $3.09 billion in 2006. National Indemnity was $3.6 billion in 20007 compared to $4.1 billion in 2006.
Transatlantic/Putnam Reinsurance Company, on the other hand, had net written premiums of $3.6 billion in 2007, compared to $3.3 billion in 2006. Endurance Reinsurance Corporation of America had net written premiums of $366 million in 2007 compared to $322 million in 2006, RAA said.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.