The 22 members of the Reinsurance Research Council (RRC) saw their overall combined ratio drop to 110.2% in 2002, versus 119.1% a year prior. After-tax income was up slightly for the group to $52.9 million from $477.7 million the year prior. However, underwriting results continued to be sluggish, showing only slight improvement. Overall, the reinsurers posted an underwriting loss of $226.3 million in 2002 versus a loss of $302.5 million in 2001. Among 2002’s top performers in terms of net income after tax are AXA Re ($41 million), Everest Re ($23.2 million) and Employers Re ($18.2 million). At the other end of the spectrum are General Cologne Re ($34.3 million) and American Re ($15.6 million). Swiss Re managed to be on both sides, with one operation “Swiss Reinsurance Co. of Canada” posting income of $13.7 million, while another, “Swiss Reinsurance Co.” posted a loss of $14.9 million. In terms of combined ratio, Everest Re led the pack at 90.2%, followed by TOA Re at 94.0% and Transatlantic Re at 98.2%. But the picture was not so rosy for American Re at 212.6% and Alea Europe Ltd. at 203.8%. Giant Munich Re, which topped the pack for net written premiums at $480 million, saw an underwriting loss of $41.1 million. But an investment boost to the tune of $57 million helped produce overall after tax income of $10.7 million.