U.S. reinsurers wrote more premium in 2008 Q1, but combined ratios also up

U.S. reinsurers are writing more premiums and increasing policyholders’ surplus in 2008 Q1, but their loss ratios are also rising, as are there combined ratios.
The Reinsurance Association of America (RAA) posted the quarterly results of about 20 property and casualty reinsurers, reflecting a continuing softening of the U.S. reinsurance market.
The group reported a collective policyholders’ surplus of US$75.3 billion in 2008 Q1. That compares to a 2007 Q1 surplus of US$73.5 billion.
In total, the group wrote US$6.8 billion of net premiums for the three month period ended Mar. 31, 2008, up slightly from the US$6.7 billion for the same quarter in 2007, RAA reported.
At the same time, the group’s loss ratio of 67.4% in 2008 Q1 was up from the 65.0% posted by a comparable group in 2007 Q1.
Combined ratios also generally deteriorated in the first quarter of 2008.
For the group as a whole, the combined ratio for 2008 Q1 was 95.2%, compared to the 89.8% COR posted in 2007 Q1.
Among the five reinsurers in the RAA group listed as writing the highest gross premium, individual results were as follows:

1) National Indemnity Company
2008 Q1 net income: US$339.7 million
2008 Q1 COR: 84.9%

2) Swiss Re
2008 Q1 net income: US$219.1 million
2008 Q1 COR: 112.1%

3) Transatlantic/Putnam Reinsurance Company
2008 Q1 net income: US$87.3 million
2008 Q1 COR: 93.9%

4) XL Reinsurance
2008 Q1 net income: US$27.1 million
2008 Q1 COR: 78.9%

5) Munich Re
2008 Q1 net income: US$295.6 million
2008 Q1 COR: 106.7%