U.S. reinsurer premiums up sharply in 2014
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A group of 18 U.S. property/casualty reinsurers reported a total of $47.8 billion in net premiums written in the year ended Dec. 31, 2014, a 78.4% increase over the same period in 2013, according to the Reinsurance Association of America.
The survey of reinsurers' statutory underwriting results conducted by the RAA showed the increase in net premiums written was largely driven by an affiliated loss portfolio transfer and quota share agreement reported by one of the survey respondents, National Indemnity Co., a unit of Berkshire Hathaway Inc., the association said Wednesday in a statement.
National Indemnity's results include loss portfolio and quota share agreements with affiliated GEICO companies, all effective Jan. 1, 2014, said the report. The company's net premiums written for the fourth quarter of 2014 jumped to $26.15 billion from $5.18 billion in the prior-year period.
The group's 2014 combined ratio deteriorated to 91.1% from 86.8% for 2013, according to the report, and is attributable to a 69.6% loss ratio and an expense ratio of 21.5%.
Policyholders' surplus increased to $141.8 billion from the $141.1 billion reported in the third quarter of 2014, the report said.
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