RAA: U.S. Reinsurers Had Higher Profits, Improved Underwriting Results in 2012

The Reinsurance Association of America (RAA) said a group of 19 U.S.-based property/casualty reinsurers reported higher net written premiums and net income for 2012 compared to 2011.

The RAA said Thursday that a survey of statutory underwriting results showed these 19 reinsurers wrote $29.5 billion of net premiums for 2012, up 11.7 percent compared to $26.4 billion for 2011.

The combined ratio for the group was 96.2 percent for 2012, improving from a 107.2 percent combined ratio reported for 2011. The combined ratio was attributable to a 66.1 percent loss ratio and an expense ratio of 30.1 percent. The overall net income for the reinsurers were $7.98 billion last year, up nearly 20 percent from $6.69 billion in 2011.

The 19 companies in the survey were: American Agricultural Insurance Co., Axis Reinsurance Co., Berkley Insurance Co., EMC Reinsurance Co., Endurance Reinsurance Corp. of America, Everest Reinsurance Co., General Re Group, Munich Re America Corp., National Indemnity Co., Odyssey Reinsurance Group, Partner Reinsurance Co., Platinum Underwriters Reinsurance Inc., QBE North America, SCOR US Group/SCOR Re, Sirius America Insurance Co., Swiss Reinsurance America Corp., The Toa Reinsurance Co. of America, Transatlantic Reinsurance Company/FairCo, XL Reinsurance America.

The following chart shows statutory results of the 19 reinsurers for the 12 months ended on Dec. 31, 2012, from a survey by the Reinsurance Association of America. (All dollar figures are in thousands.)