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Total U.S. premium ceded to offshore reinsurers was $54.7 billion in 2006, an 11.9% decrease from 2005, the Washington-based Reinsurance Assn. of America said in a report. According to an RAA statement, there was also a 7.8% decline in ceded recoverables between 2005 and 2006, to $114.2 billion.
Offshore companies' share of U.S. unaffiliated reinsurance premium, though, increased to 53.1% in 2006 from 51.8% in 2005, while offshore companies' and U.S. subsidiaries of offshore companies' market share decreased to 84.5% of U.S. unaffiliated reinsurance premium in 2006 from 85.4% in 2005.
The report, based on ceded reinsurance as reported in data filed with the National Assn. of Insurance Commissioners, presents data from more than 4,200 reinsurers from 95 jurisdictions in the U.S. market. Copies are available for $250 at www.reinsurance.org.