Posted on 31 May 2012
According to data released Wednesday by the Reinsurance Association of America (RAA), the U.S. reinsurance sector posted positive underwriting results in the first quarter of 2012,
A group of 19 U.S. property/casualty reinsurers surveyed by the Washington-based RAA posted a combined $7.67 billion in net written premium for the first three months of 2012, compared with the $7.10 billion for the same quarter last year.
Net income was $1.54 billion for the quarter, compared with a $100 million net loss in the same quarter last year.
The group’s combined ratio showed dramatic improvement over the prior year at 95.6% compared with the 129.3% reported for the first quarter of 2011.
Investment income for the industry was essentially unchanged, totaling $2.11 billion for the quarter, as opposed to $2.19 billion in 2011.