A number of reinsurers struggled with investment losses in the first quarter of 2009. According to statistics from the Reinsurance Association of America (RAA), 19 U.S. property/casualty reinsurers posted a combined net loss of $2.1 billion for the first quarter of what otherwise otherwise would have been a profitable quarter.
Nine of the 19 companies RAA tracked ended the quarter on the positive side of the ledger, while the remaining 10 reported a loss. However, those losses were dwarfed by Berkshire Hathaway's National Indemnity Co., which posted a $2.18 billion first-quarter loss, dragged down in part by $2.64 billion in net realized losses. With policyholders surplus of $24.1 billion, National Indemnity is by far the largest company in the group.
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