U.S. reinsurers see combined ratio break 100%

A group of 19 U.S. property and casualty reinsurers reported a total combined ratio (COR) of 101.8% in 2008, deteriorating from the 94.7% COR reported in 2007.
The RAA attributes the result to a 71% loss ratio and an expense ratio of 30.7%, a release says.
The group of 19 reinsurers posted a total net underwriting loss of US$552 million in 2008.
Net income in 2008 for the group was US$2.9 billion, the RAA says.
Collectively, the group wrote US$23.9 billion of net premiums during 2008, an increase of US$6 billion from the same period in 2007, the Reinsurance Association of America reports.
Individually, White Mountain Reinsurance Company of America posted the largest net loss of the group at US$124 million.
Axis Reinsurance Company incurred the second largest net loss at US$63 million, and Partner Re US was third with a posted net loss of US$26 million.
Munich Reinsurance America Corporation posted the largest net underwriting loss of US$364 million. Swiss Reinsurance America Corporation posted the second-largest net underwriting loss of US$228 million, while QBE Reinsurance Group followed with a net underwriting loss of US$114 million.