US first quarter reinsurance results

US property-casualty reinsurers experienced a combined ratio of 93.9% for the quarter ended March 31, compared to a combined ratio of 94% last year for a similar group of reinsurers. These results reflect a 68.2% loss ratio and a 25.7% expense ratio for the group of 26 reinsurers surveyed by the Reinsurance Association of America (RAA). During the first quarter, the group wrote $7 billion in net premiums, which translates into a decline of 10.3% when compared to the same figure reported by a comparable group surveyed the same time last year. However, the groups also claimed a net income of $1.44 billion, an increase of 1%.This year’s group of surveyed reinsurers reported a 9.7% increase of policyholder surplus with figures reaching $61.68 billion.