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.
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