The net income among 20 reinsurers rose 263 percent in the first quarter of this year despite the uneven results among the group, according to the results of a survey from the Reinsurance Association of America.

According to the Washington, D.C.-based lobbying group's report, net income for the first quarter of 2008 stood at $1.5 billion compared to $413 million in the first quarter of 2007.

Net premiums written for the 20 reinsurance companies stood at $6.8 billion for 2008, up slightly from $6.7 billion in the first quarter of 2007. Net premiums earned dropped from $6.7 billion in 2007 to $5.9 billion in 2008.

Investment income was reported at $1.5 billion in the first quarter of 2008 compared to $1.6 billion in 2007. Net realized capital gain increased to $463.9 million in 2008 compared to $343.2 million in 2007.

The combined ratio increased from 89.8 in the first quarter of 2007 to 95.2 in 2008. RAA attributed the increase to a 67.4 percent loss ratio and a 27.8 percent expense ratio.

Policyholders' surplus increased for the reinsurers from $73.6 billion in the first quarter of 2007 to $75.3 billion in 2008.

While results were mixed on a year-to-year basis, the 2007 overall results were negatively impacted by a $2.2 billion loss in "other income" by National Indemnity Company (NICO), the lead insurance entity of the Berkshire Hathaway Reinsurance Group. This led to a $2.1 billion "other income" loss for the 20 companies combined in the quarter, compared to a $32.9 million loss in the first quarter of 2008 in the category.

According to Berkshire Hathaway's 2007 first-quarter report filed with the Securities and Exchange Commission, NICO and London-based Equitas entered into an agreement whereby NICO reinsured all of Equitas' asbestos liabilities and provided up to $7 billion of additional reinsurance. The deal amounted to $2.2 billion for unamortized deferred charges on reinsurance assumed.

For the first quarter of 2008, National Indemnity outpaced the 20 reinsurers listed in the RAA report with a net income of $339.7 million. On the other end of the spectrum, Axis Reinsurance Company listed a net loss of $2.1 million for the quarter.

Examining combined ratio, American Agricultural Insurance Company led the pack with an 86.9, while SCOR US Group/Scor Reinsurance posted the highest figure with 120.5. Eight of the 20 reinsurers posted combined ratios over 100.

The 20 reinsurers in the RAA report are:

o American Agricultural Insurance Company

o Axis Reinsurance Company

o Berkley Insurance Company

o EMC Reinsurance Company

o Endurance Reinsurance Corporation of America

o Everest Reinsurance Company

o Farmers Mutual Hail Insurance Company of Iowa

o Folksamerica Reinsurance Company

o General Re Group

o Munich Reinsurance America Corporation

o National Indemnity Company

o Odyssey America Reinsurance Corporation

o PartnerRe U.S.

o Platinum Underwriters

o QBE Reinsurance Group

o SCOR US Group/Scor Reinsurance

o Swiss Reinsurance America Corporation

o The Toa Reinsurance Company of America

o Transatlantic/Putnam Reinsurance Company

o XL Reinsurance America