In a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 17 U. S. property/casualty (P&C) reinsurers wrote $27.3 billion of net premiums during Q1 of 2023, up from $24.6 billion for the same period last year.
The firms involved in the survey were American Agricultural Insurance, Axis, EMC, Endurance Assurance, Everest, General Re, Munich Re America, National Indemnity, Odyssey Group, Partner, Renaissance, SCOR US, SiriusPoint American, Swiss Re, Toa, Transatlantic, and XL.
The combined ratio for the group was 95.3%, only a minor increase compared to 95.1% for the same period in 2022.
The combined ratio is attributable to a 78.0% loss ratio versus 73.3% for the same period in 2022, and a 17.3% expense ratio versus 21.8% for the same period in 2022.
Meanwhile, policyholders’ surplus was $286.3 billion, compared to $254.4 billion in the prior quarter.
Gross written premiums in 2023 for the group stood at $32.4 billion, up from $27 billion in the same quarter of 2022.
Of the reinsurers included in the survey, General Re Group achieved the lowest combined ratio at 78.7%, while Swiss Re recorded the highest at 387.7%. Only 5 of the 17 reinsurers recorded combined ratios above 100%.
Combined net income for the group in Q1 of 2023 improved to $2.7 billion, up from $1.5 billion in 2022. This was largely driven by National Indemnity, which recorded a net income of $1.6 billion.
Elsewhere, net investment income was down from $2.3 billion in 2022 to $2 billion.
In other RAA news, the association recently elected Justin O’Keefe chair, Jim Williamson vice chair and Jon Colello secretary-treasurer of the board.