US REINSURERS SEE Q1 NET INCOME MORE THAN DOUBLE TO 8.38BN

The 19 member companies of the Reinsurance Association of America posted cumulative Q1 net earnings of $3.38bn, more than doubling the year-earlier $1.54bn on improvements in both underwriting and investment results, according to figures compiled by the RAA. With fewer catastrophe losses, the group’s underwriting income jumped to $1.20bn from $69.3m, as the combined ratio improved to 78.9% from 95.6%. The loss ratio was 11 points better at 52% and the expense ratio improved by 5.6 points to 26.9%. Earned premiums for the period increased 15.5% to $7.58bn. Investment income for Q1 jumped 61% to $3.41bn, while policyholder surplus rose 10.9% to $128.5bn. The highest income for the quarter was reported by National Indemnity ($1.36bn, up 31%), followed by Berkeley Insurance ($1.09bn versus $44.5m owing to a jump in investment income) and Swiss Re America ($212.3m versus $89.1m). The only net losses for the period were posted by Odyssey Reinsurance ($42.6m against a year-earlier loss of $67.6m) and Endurance Reinsurance Corp of America ($2.4m versus income of $1.6m).