$1.7bn first quarter loss for US reinsurers

The US non-life reinsurance industry produced a positive underwriting result in the first quarter of 2009 but overall profitability remained in the red as the financial crisis continued to impact investment returns

Pre-tax losses for the US non-life reinsurance sector for the first three months of 2009 stood at $1.7bn, according to a survey of statutory results by the Reinsurance Association of America (RAA). This figure compared with a $2.0bn profit for the same period last year.