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LONDON—Global reinsurer capital declined 4% to $450 billion as of Sept. 30 compared with the end of last year, according to an Aon Benfield Analytics report released Wednesday.
The report, which tracks the financial performance of 28 leading reinsurers, said the drop reflects a decline of 6% in the first quarter of the year. That was followed by growth of 1% in both the second and third quarters, according to the unit of Chicago-based Aon Corp.
According to “Aon Benfield Aggregate: Nine Months Ended September 30, 2011,” the combined ratio for the 28 companies deteriorated 14.3 percentage points to 110.5% during the first nine months of the year compared with the same period a year earlier, with $20.7 billion of pretax natural catastrophe losses representing 25% of net premiums earned. That translated into a property/casualty underwriting loss of $8.7 billion, according to the report.
By comparison, the combined ratio for the 28 companies for the first half of the year was 120.6%, according to Aon Benfield's first-half report.
“Overall, the ABA reported a pretax profit of $8.2 billion for the first nine months of 2011, a 64% reduction relative to the prior-year period,” said the report. The companies in the aggregate posted net income of $7 billion for the first nine months of the year.
“Despite the elevated level of catastrophe losses over the last two years, ABA financial strength ratings have remained broadly unchanged, reflecting continued robust capital positions,” according to the report.