Reinsurance group logs 21.7% drop in member premiumsPosted On: Nov. 23, 2015 12:00 AM CST
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.