Q1 reinsurance premiums rise
A group of 17 US property/casualty reinsurers wrote $27.3 billion of net premiums during the first three months of 2023, up from $24.6 billion for the same period in 2022.
A survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America revealed that the combined ratio for the group was 95.3 per cent compared with 95.1 per cent for the prior-year period.
The Bermuda-linked companies surveyed include Axis, Everest, Partner Re, RenaissanceRe and XL Re.
The combined ratio is attributable to a 78 per cent loss ratio versus 73.3 per cent for the same period in 2022, and a 17.3 per cent expense ratio versus 21.8 per cent for the same period in 2022.
Policyholders’ surplus was $286.3 billion, compared with $254.4 billion in the prior quarter.
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