U.S. property and casualty reinsurers saw net premiums written drop 4 percent in the first half of 2010 compared to last year, while underwriting results deteriorated by nearly five points, according to a leading trade group report.
The 19 U.S. reinsurers tracked reported 2010 first-half net written premiums of $12.3 billion–down from $12.8 billion for the same time period in 2009, according to the "Reinsurance Underwriting Report," released by the Reinsurance Association of America.
The RAA said the combined ratio of the reinsurers increased to 98.7 from 93.8, with this year's first-half combined ratio attributable to a 68.9 loss ratio and an expense ratio of 29.8.
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