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Property/casualty reinsurers suffer big drop in net premiums

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The group of 18 U. S. property/casualty reinsurers included in a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America wrote $9.7 billion of net premiums during the three months ended March 31, 2015, down 49.2% from the year ago period, the association l.c. said in a statement today.

National Indemnity Co. was responsible for the bulk of the drop as its net written premiums dropped 67% to $4.62 billion from first quarter 2104.

The change in premium volume is mostly due to the one time consideration of a loss portfolio contract with the affiliates of Geico Group which was booked in first quarter 2014.

The combined ratio for the group improved to 90.5% from the 93.9% reported in the year-ago period.

The Washington-based association l.c. reported that policyholders’ surplus was $131.8 billion compared to $141.8 billion reported in the fourth quarter of 2014.