A group of 21 U.S. property and casualty reinsurers wrote US$17.9 billion of net premiums during the nine months ended Sept. 30, 2007, compared to US$19.6 billion in net premium written during the same period in 2006, according to an analysis conducted by the Reinsurance Association of America (RAA).
The combined ratio for the group was 94.1%, an improvement over the 95.4% combined ratio reported for the same period last year. The 2007 combined ratio takes into account a 65.6% loss ratio and an expense ratio of 28.5%, according to the RAA.
Gross premiums written totalled US$28 billion for the first nine months of 2007, and direct premiums written amounted to US$2.26 billion.
Swiss Reinsurance America Corp reported the highest gross premiums written, at US$4.1 billion. Second was National Indemnity Company, which reported US$3.3 billion.
Munich Re America Corporation reported the highest direct premiums written in the nine months ended Sept. 30, with US$5.59 million. Odyssey America Re reporting US$4.27 million.
Net underwriting gain was US$1.17 billion total for the first nine months, with nine of the 21 companies reporting a loss.