BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
A group of 18 U.S. property/casualty reinsurers produced $38.87 billion in net written premiums in 2015, an 18.6% decline from the prior year due largely to a loss-portfolio deal involving National Indemnity Co., according to the Washington-based Reinsurance Association of America.
The one-time consideration for the loss-portfolio contract by Berkshire Hathaway Inc.'s National Indemnity was booked in 2014 with affiliated insurer GEICO, the RAA said.
The loss-portfolio deal also affected net income for the 18 reinsurers, which dropped 31.1% to $10.79 billion in 2015.
The net income for National Indemnity, which was among 11 reinsurers reporting a lesser profit in 2015, dropped 40% from 2014 to $7.18 billion last year.
Ten of the 18 reported declines in net written premiums in 2015 compared with 2014, with National Indemnity accounting for about 90% of the $8.89 billion decline.
The group's combined ratio deteriorated from 91.1% in 2014 to 92.6% last year, the RAA said in a statement.
Policyholder surplus was $130.42 billion at the end of 2015, down about 8% from a year earlier and up less than 1% compared with the third quarter of 2015.
Commercial property/casualty insurers enjoyed a good if not outstanding year in 2015, but the prospects for 2016 are mixed.