NU Online News Service, June 2, 2:55 p.m. EDT
A survey of statutory underwriting results of 19 U.S. property and casualty reinsurers found that net premiums were down 9.4 percent with the combined ratio increasing by 6.7 points.
Reinsurers wrote $6.4 billion of net premiums during the three months ending March 31, 2010--a decrease from the $7 billion net premiums written in the first three months of 2009.
The survey, conducted by the Reinsurance Association of America (RAA), also found that the combined ratio for the group was 102.2 percent, deteriorating from the 95.5 percent combined ratio reported for the same period in 2009.
The combined ratio is attributable to a 72.8 percent loss ratio and an expense ratio of 29.5 percent. Policyholders' surplus was $101.3 billion, up from the $77.3 billion at year-end 2009, the RAA said.
According to the report, for net written premiums:
o Berkley Insurance Company's net written premiums in 2010 were $397 million compared to $337 million in 2009.
o Munich Re America Corp.'s net premiums written were $708 million in 2010, compared to $593 million in 2009.
o National Indemnity Company wrote $1.3 billion in 2010 and wrote $1.6 billion in 2009.
o Swiss Re America Corp. wrote $532 million in 2010 compared to $484 million in 2009.
For combined ratio:
o Berkley was 97.9 percent in 2010, compared to 93.2 percent in 2009.
o Munich Re was 96.9 percent in 2010 and 98.6 percent in 2009.
o National Indemnity was 88 percent in 2010, compared to 84 percent in 2009.
o Swiss Re America was 97 percent in 2010, compared to 116 percent in 2009.
An annual subscription to the RAA's quarterly Reinsurance Underwriting Report is available at [email protected].
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