Reinsurer premiums spike in 2018: RAA
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Net premiums written totaled $59.34 billion for the 17 reinsurers tracked by the Reinsurance Association of America, up sharply from $42.90 billion in 2017, as two of the companies more than doubled their numbers, according to 12-month underwriting results released Friday.
Everest Reinsurance Co. saw premiums jump to $5.05 billion from $1.74 billion in 2017, according to the data from the Washington, D.C.-based RAA, while Swiss Reinsurance America Corp.’s net premiums written more than doubled to $4.99 billion from $1.92 billion.
The group’s combined ratio improved to 103.8% from 108.2% in 2017, and it recorded a net underwriting loss of $2.97 billion compared with a loss of $4.23 billion in 2017.
Most of the reinsurers suffered losses, though only Everest had a seven-figure underwriting loss. National Indemnity Co., Odyssey Group Holdings Inc. and Renaissance Reinsurance US Inc., were the only reinsurers in the black, according to the data.
Net investment income totaled $10.57 billion compared with $9.19 billion in 2017, as all included reinsurers posted positive investment income.
Policyholders surplus totaled $160.11 billion at the end of 2018, down from $168.63 billion at the end of 2017.
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