U.S. reinsurers took a beating in the past year, evidenced by a $6.9 billion drop in their overall level of surplus–down 9.5 percent to $66.0 billion in 2009 as of June 30, 2009, compared to $72.8 billion as of June 30, 2008.
During the same time period, however, underwriting results improved with the overall combined ratio coming in 3.7 points lower, according to the Reinsurance Association of America, which surveyed 19 U.S. property and casualty reinsurers to produce the figures distributed in a report last week.
Separately last week, Fitch Ratings in Chicago provided its outlook for the global reinsurance industry, reporting that while reinsurers had recovered roughly $20 billion, or 35 percent of the shareholders equity they lost in 2008 as of June 30, the rating agency is maintaining a negative outlook on the sector.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
