A group of 19 U.S. property-casualty reinsurers saw net premiums written rise 5.3 percent, growing $1.2 billion to $23.9 billion for 2008, according to a Reinsurance Association of America survey.
However, while premium volume was up as primary carriers increased their reinsurance protection levels, profitability was down. RAA reported a combined ratio for the group of 101.8–deteriorating 7.1 points from the 94.7 combined ratio for the same period in 2007. The combined ratio included a 71 loss ratio and an expense ratio of 30.7.
Policyholders' surplus also took a hit, dropping 15 percent to $64.4 billion from the $75.9 billion reported for the same period in 2007, RAA said.
In a sampling of the reinsurers surveyed:
o National Indemnity Company reported net premiums written of $4.6 billion (up from $3.6 billion in 2007) and a combined ratio of 89.6.
o Transatlantic Putnam Reinsurance Company reported $3.67 billion in net premiums (fairly even with the $3.61 billion in 2007) and a combined ratio of 99.5.
o Swiss Re saw net premiums soar $2.2 billion in 2008 (compared with $1.49 billion in 2007), but its combined ratio was highly unprofitable at 111.3.
o EMC reported $73.6 million in net premiums in 2008 (pretty even with $71 million in 2007), and a combined ratio of 107.5.
o Everest Re only wrote $838.7 million in net premiums written in 2008 (less than half the $1.9 billion written in 2007), posting a combined ratio of 115.7.
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