Munich Re America leads reinsurance underwriting losses

Combined net underwriting losses for US reinsurers amounted to $552mn last year, compared with a $1.7bn surplus in 2007

The US non-life reinsurance industry saw its underwriting result slump into negative territory in 2008 while overall profitability for the sector was less than half of the figure achieved in the prior-year period, according to a survey of statutory results by the Reinsurance Association of America (RAA).