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Member, Beacon International Group, Ltd.
A group of 22 U.S. property/casualty reinsurers reported an 89.8% combined ratio for the first quarter, which ended March 31, compared with the 98.4% reported by a comparable group a year ago, according to a survey by the Washington-based Reinsurance Assn. of America.
The 89.8% combined ratio reflects a 65% loss ratio and a 24.8% expense ratio, the RAA said.
The reinsurers also reported $6.73 billion in net premiums written for the first quarter, a 2.7% increase from the total reported by the comparable group a year ago.
The 22 reinsurers also reported $413 million in net income and a total of $71.01 billion in policyholder surplus, according to the RAA.