NU Online News Service, Nov. 29, 12:58 p.m. EST
After nine months, U.S. property and casualty reinsurers saw net income rise to $6.27 billion, nearly five times what the same group of reinsurers recorded during the same time in 2009.
About $4.2 billion of the total combined net income from 19 U.S. reinsurers followed by the Reinsurance Association of America (RAA) came from National Indemnity Company (NICO), which reported a net loss of about $292 million a year ago during the same time.
Earlier this year, NICO, a member of the Berkshire Hathaway Group, received $1.6 billion in legacy asbestos and environmental pollution liabilities from CNA Financial Corp.
According to RAA's report, premiums written dropped about 2.3 percent in the first nine months of 2010 compared to last year.
The group followed in the RAA report recorded $18.3 billion in net premiums as of Sept. 30 compared to $18.7 billion a year ago, the RAA said, adding that the combined ratio for these companies worsened to 96.6 from 95.1 for the same period in 2009.
Comparing the first nine months year-to-year, the loss ratio worsened to 66.8 from 64.8, but the expense ratio improved to 29.8 from 30.2.
The group's policyholder surplus rose to $103.9 billion, compared to $99.7 billion at the end of the first half of 2010 and $74.1 billion at Sept. 30, 2009, the RAA said.
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