"Many U.S. reinsurers remain steadfastly committed to underwriting discipline, with market conditions proving unfavorable for certain lines of business==such as property-catastrophe in non-affected hurricane areas and [directors and officers] liability business," said Darren Oliver, author of the report and a member of Benfield's Industry Analysis and Research team.

Mr. Oliver added that the discipline shown by companies resulted in a 9 percent drop in total gross premiums written in the first quarter, "due to non-renewal and cancellation of contracts deemed to have unattractive terms/conditions or technically inadequate pricing for the current market environment."

The report said that "Although the loss-affected areas of the U.S. and some casualty lines (in particular medical malpractice) remain robust" the reinsurers studied have been disciplined in selecting risks.

Benfield reported on Swiss Re America, QBE Re Corp, Odyssey America Re, Berkley Insurance Company, American Agricultural, American Re, Transatlantic Re, Everest Re Company, GE Insurance Solutions, XL Re America, National Indemnity, Folksamerica Re and General Re.

In the first quarter of this year, Benfield noted National Underwriter/Highline Insurance Data Services figures showing the top-five companies for gross premium written were: Swiss Re America ($1.18 billion), National Indemnity ($1.1 billion), American Re ($954 million), Transatlantic Re ($913 million), and Everest Re ($846 million).

Among the reinsurers studied, researchers noted that the biggest reduction in premium income was at General Re, which saw a decline of 30 percent==from $749 million in last year's first quarter to $523 million for the same period this year. The biggest increase in premiums written was 16 percent at Swiss Re, which last year wrote $1.03 billion.

A full copy of the report can be viewed online at http://www.benfieldgroup.com/research/reports/industry+analysis+and+market+review/busq_1q_2005_calm_before_storms.pdf