NU Online News Service, Nov. 30, 3:00 p.m. EST
A group of 19 U. S. property-casualty reinsurers wrote $18.7 billion of net premiums during the nine-months ended Sept. 30, 2009, compared to $19 billion for the same period in 2008, down less than 2 percent, the Reinsurance Association of America said.
In a survey of reinsurers' statutory underwriting results, RAA said the combined ratio for the group was 95.1 percent, an improvement over the 104.2 percent combined ratio reported for the same period in 2008. The combined ratio is attributable to a 64.8 percent loss ratio and an expense ratio of 30.2 percent. Policyholders' surplus was $74.1 billion, up from the $72.1 billion reported for the third quarter 2008, RAA said.
Some of those reporting net premiums written down were Endurance Re, with $368 million in 2009 versus $424 million in 2008; National Indemnity, with $3.5 billion in 2009 versus $3.6 billion in 2008; and Odyssey Re, with $1.38 billion in 2009 versus $1.49 in 2009.
Of those reporting an increase, SCOR wrote $382 million versus $270 in 2008; Everest Re wrote $1.25 billion versus $1.18 billion in 2008; and Partner Re reported $595 million versus $593 million in 2008.
According to the RAA:
o Gross written premiums were $28.2 billion in 2009 compared to $28 billion in 2008.
o Loss ratio for 2009 was 64.8 percent compared to 75 percent in 2008
o Expense ratio was 30.2 percent compared to 29.2 percent in 2008
o Investment income was $4.7 billion compared to $4.5 billion in 2008.
The Reinsurance Association of America, headquartered in Washington, D.C., is a trade association of property and casualty reinsurers doing business in the United States.
The underwriting report is available on the RAA Web site at http://www.reinsurance.org.
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