U.S. property-casualty reinsurers, for the nine months ended Sept. 30, increased net premiums written by $1.1 billion, or 6 percent, compared with the 2007 period, according to a trade group study.
The survey of 20 reinsurers' statutory underwriting results conducted by the Reinsurance Association of America found the group wrote $19 billion in net premiums compared with $17.9 billion for the same period in 2007.
The combined ratio for the group was 104.2, deteriorating from the 94.1 point combined ratio reported for the same period in 2007.
RAA said the combined ratio is attributable to a 75 point loss ratio and an expense ratio of 29.2. Policyholders' surplus was $72.1 billion, down from the $80.2 billion reported for the third quarter of 2007.
The top five companies ranked by net premiums written for the nine months were: National Indemnity Company, $3.63 billion; Transatlantic Putnam Re, $2.83 billion; Munich Reinsurance America Corp., $1.73 billion; Odyssey American Reinsurance Corporation, $1.5 billion; and Swiss Reinsurance America Corp., $1.49 billion.
Only five firms showed a net underwriting gain: Berkley Insurance Company, Endurance Reinsurance Company of America, The Toa Reinsurance Company of America, Transatlantic Putnam Reinsurance Company and XL Reinsurance America.
The underwriting report is available on the RAA Web site at www.reinsurance.org.
An annual subscription to the RAA's quarterly Reinsurance Underwriting Report is available from the RAA by contacting orders@reinsurance.org. Questions about a subscription can be directed to Lisa Ransome at 1-800-570-1806.
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