A U.S. Reinsurers List Shows Improved Ratios

By Lisa S. Howard, Reinsurance Editor

NU Online News Service, June 5, 10:57 a.m.EDT?U.S. reinsurers are finally beginning to make money ontheir underwriting?the Reinsurance Association of America'squarterly survey of underwriting results reveals.

A group of 29 U.S. property-casualty reinsurers reported acombined ratio of 96.4 during the quarter ended March 31, 2003,compared with a combined ratio of 101.8 reported by a similar groupof reinsurers for the same period last year, according to theWashington, D.C.-based RAA.

The ratio for the 2003 first quarter was attributable to a 71.3loss ratio and a 25.1 expense ratio, the RAA said.

During the first quarter this year, the reinsurers wrote $8.5billion of net premiums, compared with $6.7 billion during the sameperiod of 2002.

The RAA results for a representative sampling of individualcompanies follow alphabetically:

?American Re-Insurance Company reported a combined ratio of 95.8for the first quarter, compared with 112.9 for the same period lastyear.

?AXA Corporate Solutions Reinsurance Company reported a combinedratio of 112.4 in the first quarter 2003, compared to 102.9 in thefirst 2002 quarter. (AXA's U.S. operations are in run-off.)

?Berkley Insurance Company reported a combined ratio of 92 inthe first quarter this year, compared to 91.6 last year.

?CNA Re reported a combined ratio of 90.4 in this year's firstquarter, compared with 92.1 last year.

?Converium Reinsurance (North America) reported a combined ratioof 100.9 compared to 100.5 last year.

?Employers Reinsurance Corp. reported a combined ratio of 105.6,compared with 106.2 last year.

?Everest Reinsurance Company reported a combined ratio of 93.8,compared with 98.1 last year

?Folksamerica Reinsurance Company reported a combined ratio of95.4, compared with 98.6 last year.

?General Re reported a combined ratio of 102.2, compared with104.4 last year.

?Gerling Global Reinsurance Corp. of America reported a combinedratio of 168.4, compared with 142.7 last year. (GGR has been placedin run-off.)

?Hartford Re reported a combined ratio of 110.9, compared with100.9 last year.

?National Indemnity Company reported a combined ratio of 59.(National Indemnity's figures last year were included in thefigures for Berkshire Hathaway Group. Berkshire Hathaway had acombined ratio of 59.3 in the first quarter of 2002).

?Odyssey America Re Corp/Odyssey Re Corp. reported a combinedratio of 97.5, compared with 98.1 last year.

?Partner Re U.S. reported a combined ratio of 104.1, comparedwith 105.3 last year.

?Platinum Underwriters Reinsurance reported a combined ratio of93.6 for the first quarter of 2003. Figures aren't available fromlast year, since Platinum is the product of a spin-off from St.Paul Cos., and started writing business in the fourth quarter of2002.

?PMA Capital Insurance Company reported a combined ratio of99.2, compared with 96.9 last year.

?PXRE Reinsurance Company reported a combined ratio of 78,compared with a combined ratio of 44.8 last year.

?QBE Reinsurance Corp. reported a combined ratio of 95.3,compared with 100.5 last year.

?SCOR U.S. Corp./SCOR Reinsurance Company reported a combinedratio of 102.5, compared with 111.4 last year.

?Swiss Reinsurance America Corp. reported a combined ratio of126.2, compared with 114.7 last year.

?Toa Reinsurance Company of America reported a combined ratio of99.5, compared with 102.1 last year;

?Transatlantic/Putnam Reinsurance Company reported a combinedratio of 98.1, which was the same as last year.

?Trenwick America Reinsurance Corp. reported a combined ratio of106.4, compared with 104.2 last year;

?XL Reinsurance America reported a combined ratio of 68.3,compared with 74.7 last year.