U.S. property and casualty reinsurers saw net premiums written drop 4 percent in the first half of 2010 compared to last year, while underwriting results deteriorated by nearly five points, according to a leading trade group report.
The 19 U.S. reinsurers tracked reported 2010 first-half net written premiums of $12.3 billion–down from $12.8 billion for the same time period in 2009, according to the "Reinsurance Underwriting Report," released by the Reinsurance Association of America.
The RAA said the combined ratio of the reinsurers increased to 98.7 from 93.8, with this year's first-half combined ratio attributable to a 68.9 loss ratio and an expense ratio of 29.8.
Policyholders' surplus was $99.7 billion, down from $101.3 billion on March 31, 2010, RAA noted.
Among the net premium results for the individual companies cited:
o National Indemnity Company–$2.32 billion in first-half 2010, down 10 percent from $2.59 billion in 2009.
o Transatlantic/Putnam Reinsurance Company–$1.72 billion in 2010, down 6 percent from $1.86 billion in 2009.
o Munich Re America–$1.44 billion in 2010, up 19 percent compared to the $1.21 billion written in 2009.
o SCOR–$289 million in 2010, up slightly compared to $285.9 million in 2009.
Meanwhile, in a separate report on offshore reinsurance, RAA noted that U.S. premiums ceded to offshore reinsurers in 2009 totaled $58.1 billion, nearly identical to the $58.2 billion ceded the year before.
Net recoverables totaled $112.3 billion last year, down 7.3 percent from $121.0 billion in 2008.
© 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.