Reinsurer premiums up in 2008

Reinsurer premiums up in 2008: "Property/casualty reinsurers wrote $23.9 billion in net premiums in 2008, an increase of $1.2 billion compared with 2007 results, according to a survey by the Reinsurance Assn. of America.

The Washington-based RAA surveyed 19 U.S. property/casualty reinsurers and reported that the 2008 combined ratio for the group was 101.8%, up from 94.7% during the same period a year ago. The deterioration of the combined ratio was attributable to a 71% loss ratio and a 30.7% expense ratio, the RAA said in a statement.

While several of the reinsurers surveyed reported underwriting gains during 2008, a few companies had notable underwriting losses, according to the RAA's underwriting report. They included Munich Reinsurance America Corp., which reported a net underwriting loss of $364.3 million; Swiss Reinsurance America Corp., which reported a net underwriting loss of $228.1 million; and White Mountains Reinsurance Co. of America, which reported a net underwriting loss of $134.4 million.

Additionally, the RAA reported the reinsurers' policyholders' surplus was $64.4 billion at the end of 2008, down from $75.9 billion at 2007 year-end."

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