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Member, Beacon International Group, Ltd.
WASHINGTON—U.S. property/casualty reinsurers saw their combined ratio deteriorate to 129.3% during the catastrophe-heavy first quarter of 2011, down from 102.2% in the prior year period, the Reinsurance Assn. of America reported Monday.
The group of 19 U.S. reinsurers surveyed by the Washington-based RAA collectively wrote $7.1 billion of net premiums for the first three months, an increase of 10.9% over last year’s first quarter, the RAA said in a statement.
After liabilities were deducted from reinsurer assets, policyholders’ surplus was $107.6 billion for the first quarter this year, down from $108.3 billion at year-end 2010.
U.S. reinsurers reported a 95.4% combined ratio for 2010 vs. 93.5% for 2009, according to a survey of 19 U.S. firms by the Washington-based Reinsurance Assn. of America.