U.S. Reinsurer Results Improve
London Editor
London
A group of 30 U.S. property-casualty reinsurers reported a total combined ratio of 106.4 for the first quarter ending March 31, a substantial improvement over the 112.4 figure compiled by a similar group of companies for the same period last year, according to the Reinsurance Association of Americas quarterly survey of underwriting results.
During the first quarter, these companies wrote $6.7 billion of net premiums, up nearly 20 percent compared with $5.6 billion for the same period last year, the Washington-based RAA reported.
"There has been significant improvement across the industry, although a few companies are still experiencing unusually high loss ratios," said Donald Watson, director for Standard and Poor's Financial Services in New York. "The bulk of the improvement is from a reduction in loss expenses, which is directly related to premium increases."
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