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Improved Underwriting Results Helps Reinsurers Report a Net Income Gain of $1B in 2012 Over Last Year

Source: Property/Casualty360


Posted on 15 Mar 2013 by Neilson

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RAANineteen U.S. reinsurers comprising the Reinsurance Association of America (RAA) reported a gain of over $1 billion in 2012 net income compared to 2011, as written premiums increased and underwriting results improved.

The group's combined 2012 net income was $7.98 billion, up from $6.69 billion in 2011, RAA reports. Three reinsurers in the group -- Endurance Reinsurance Corp., QBE North America and SCOR U.S. Group/SCOR Re -- reported net losses for the year, compared to seven reinsurers reporting net losses the year before.

Berkshire Hathaway's National Indemnity Co. reported by far the largest net income for the 2012: $5.3 billion. The next closes reinsurer was Swiss Re America Corp., at $431.8 million. SCOR reported the largest net loss at $97.1 million.

The 19 reinsurers wrote $29.5 billion of net premiums in 2012, compared to $26.4 billion for the same period in 2011. National Indemnity led the way with just over $5 billion in net written premiums for 2012, followed by Transatlantic Reinsurance Co./FairCo with $3.5 billion.

The group posted a net underwriting gain of $944.2 million in 2012, compared to a $2.2 billion net underwriting loss in 2011. Thirteen reinsurers reported underwriting losses in 2011, compared to nine in 2012. The two reinsurers reporting the largest net income for the year -- National Indemnity and Swiss Re America Corp. -- also had the largest underwriting gains at $448.3 million and $349.5 million respectively. QBE North America reported the largest underwriting loss at $139.2 million.

The reinsurers' combined ratio was 96.2, improving from 107.2 in 2011. Swiss Re America Corp. had the lowest combined ratio, at 74.6, while Endurance had the highest at 123.9.


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