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Reinsurance group logs 21.7% drop in member premiums

Reinsurance group logs 21.7% drop in member premiums

Net written premiums fell 21.7% to $30.12 billion among reinsurers surveyed for the Reinsurance Association of America nine-month results, the group said in a statement Monday.

The decline in premiums among the 18 U.S. property/casualty reinsurers comes mainly from results at National Indemnity Corp., mostly due to the one-time consideration for a loss portfolio contract with National's affiliated Geico Group, which was booked first quarter 2014, the association said.

Net income for the group rose 35.9% to $8.50 billion while the group's combined ratio deteriorated to 92.2% from 91.7% in the year-ago period.

Policyholders' surplus was $13.03 billion, down 7.7% from the year-ago period.

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