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Net premiums written for a group of 17 U.S. property/casualty reinsurers dropped to $13.67 billion during the three months ended March 31 compared with $15.37 billion for the same period in 2018, the Reinsurance Association of America said Thursday.
The net underwriting gain for the period was $541.2 million, compared with a loss of $10.96 million from the same period last year, the Washington-based RAA said in a statement.
The combined ratio for the group deteriorated to 94.9% from 93.0% for the same period in 2018 as the group saw a higher loss ratio of 70.8% vs. 67.6% for the year-ago period and an expense ratio of 24.1% vs. 25.5%.
Policyholders’ surplus was $171.78 billion at the end of the first quarter of 2019 compared with $160.11 billion at the end of the fourth quarter of 2018, the RAA said.
Net premiums written totaled $59.34 billion for the 17 reinsurers tracked by the Reinsurance Association of America, up sharply from $42.90 billion in 2017, as two of the companies more than doubled their numbers, according to 12-month underwriting results released Friday.