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Net written premiums jumped and the combined ratio improved among the 18 reinsurers included in the quarterly report from the Reinsurance Association of America on Wednesday.
Net premiums written soared 33.6% to $30.06 billion during the second quarter of 2018, compared with $22.50 billion during the second quarter of 2017, the report shows.
The combined ratio for the 18 reinsurers improved to 96.1%, compared with 97.1% in the second quarter of 2017. The loss ratio improved to 70.0% in the second quarter of 2018, compared with 72.8% in the second quarter of 2017, but the expense ratio worsened to 26.1%, compared with 24.3% in the second quarter of 2017.
National Indemnity Co., a unit of Warren Buffet’s Berkshire Hathaway Specialty Insurance Co., had the largest second-quarter net underwriting gain at $834.2 million followed by Transatlantic Reinsurance Co. at $127.7 million.
Everest Re Group Ltd., which recently increased reserves related to 2017 catastrophe losses, had the largest underwriting loss for the quarter at $358.2 million, followed by Swiss Re Ltd. at $237.6 million, according to the report.
Insurance-linked securitization has “transformed” the reinsurance market, according to a report issued Tuesday by S&P Global Ratings.