U.S. reinsurers see underwriting results erode in 2011 Q3

A group of 19 U.S.-based property and casualty reinsurers saw their collective combined ratio deteriorate from 96.6% in the first nine months of 2010 to 108.8% for the same period of 2011, according to a survey by the Reinsurance Association of America (RAA).
The combined ratio is attributable to a 79.8% loss ratio and an expense ratio of 29.0%, an RAA release says.
The group of reinsurers wrote $20.5 billion of net premiums during the nine months ended on Sept. 30, 2011, compared to $18.3 billion for the same period in 2010.
Only four reinsurers in the group reported a net underwriting gain during the first nine months of 2011. These four included General Re Group ($44.9 million), SCOR US Group ($255,000), Swiss Reinsurance America Corporation ($71.7 million) and Toa Reinsurance Company of Canada ($4 million).
National Indemnity Company reported the worst underwriting loss for the period at $840 million, followed by Transatlantic/Putnam Reinsurance Co. ($430 million) and Munich Re America Corp. ($264 million).