A sampling of U.S. property/casualty reinsurers showed the industry is pacing slightly behind where it was last year at this time. According to a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 19 U.S. property/casualty reinsurers wrote $12.3 billion of net premiums during the six months ending June 30, 2010, a decrease from the $12.8 billion net premiums written in the first six months of 2009.
The combined ratio for the group was 98.7%, which is a large deterioration from the 93.8% figure from the same period in 2009. RAA says the combined ratio is attributable to a 68.9% loss ratio and an expense ratio of 29.8 %. Additionally, policyholders’ surplus was $99.7 billion, down from the $101.3 billion at March 31, 2010.
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