Whether it is the result of greater discipline, solid risk management or just luck, the U.S. reinsurance segment did post better results than its domestic property and casualty industry counterpart last year, according to National Underwriter's annual review of financial results available through NU's affiliate, Cambridge, Mass.-based Highline Data.
In spite of a 70 percent drop in net income and a 12 percent surplus decline in 2008–both heavily driven by a 50 percent decrease in overall investment gains–the reinsurance segment was able to report a slim underwriting profit, with a combined ratio of 100.7 overall.
The aggregate 2008 combined ratio was 100.1 for the top-25 reinsurers, which NU ranked based on reinsurance premiums assumed from nonaffiliated companies. (See related article, “Reinsurer Defined,” for further explanation of NU rankings.)
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