US P&C reinsurers expand in 2016 but underwriting profitability falls

A group of 18 US property/casualty reinsurer surveyed by the Reinsurance Association of America wrote $41.1 billion of net premiums in 2016, up from $38.9 billion in 2015.

National Indemnity Company led the group with $19.56 billion of net premiums written, followed by Transatlantic Reinsurance Company with $3.58 billion.

The combined ratio for the surveyed group was 95.2 percent in 2016, deteriorating from 92.6 percent in 2015.

The combined ratio is attributable to a 69.3 percent loss ratio and an expense ratio of 25.9 percent.

Policyholders’ surplus was $141.9 billion, up from $134.5 billion at the end of the third quarter of 2016.

Sirius America Insurance Company recorded the highest combined ratio among the group with 109.6 percent, followed by Axis Reinsurance Company with 107.2 percent.

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