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A survey of 18 U.S. property/casualty reinsurers by the Reinsurance Association of America showed net written premiums among the group more than doubled to $28.4 billion for the first six months of 2014 compared with $13.5 billion in the first six months of 2013, the RAA said Monday.
That increase was largely due to an affiliated loss portfolio transfer and quota share agreement reported by one of the survey respondents, National Indemnity Co., whose results include loss portfolio and quota share agreements with affiliated Geico companies, all effective Jan. 1, 2014, the association said in a statement.
The combined ratio for the group of 18 reinsurers climbed to 92.3% compared with 85.9% in the year-ago period. Sirius America Insurance Co., New York, showed the lowest combined ratio of the group at 77.6% and Axis Re, part of Axis Capital Holdings Ltd., the highest at 103.1%.
Policyholders' surplus increased 3.0% to $142.9 billion, the bulk of which came from National Indemnity's $99.7 billion, the RAA said.
A.M. Best Co. Inc. has revised its outlook for the reinsurance sector to “negative” from “stable,” citing strains on profitability which could result in ratings pressure for reinsurers.