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Member, Beacon International Group, Ltd.
U.S. property/casualty insurers reported $11.5 billion in net profit for the first three months of this year, compared with a $900 million loss for the same period a year ago, said Oldwick, N.J.-based A.M. Best Co. in a special report.
Best said the improvement was driven largely by $2.9 billion in realized capital gains in the first quarter, which compared with $7.9 billion in realized capital losses for the comparable 2009 period.
Among other results, net premiums written fell for an unprecedented 10th consecutive quarter, by 1.2% to $105.8 billion, said Best. The combined ratio improved 1.2 points to 101.1%. Policyholder surplus increased 24.4%, to $545.4 billion for the 12 months ended March 31.
Within the commercial segment, excluding results for mortgage and financial guarantee insurers, insurers reported a 100% combined ratio, compared with a 96.9% combined ratio for the same period in 2009. Best said the deterioration reflects increased catastrophe-related losses, higher underwriting expenses and policyholder dividends, and the continued decline in premium volume.
Copies of the report are available at www.bestweek.com by clicking on Best’s Special Reports. The report costs $70 for nonsubscribers.