Aggregate net income of US reinsurers falls in Q2 2016

The Reinsurance Association of America (RAA) has reported an increase in the gross written premiums of the biggest reinsurers in the US on an aggregate basis in the second quarter of 2016 but their profits dropped in the period compared with the same period a year earlier.

The RAA aggregates the statutory underwriting results of a group of 18 reinsurers to collate the data.

The total GPW of the 18 companies was $33.2 billion for the three-month period ending June 30, a 3.8 percent increase from $32 billion for same period in 2015.

The total pre-tax net income for these member companies was $4.9 billion for the second quarter of 2016, a 31.9 percent decrease from $7.2 billion for the second quarter of 2015.

The total combined ratio of these companies was 94.8 percent, up 2.4 percent from the previous year.

Members who reports to the RAA include: AXIS Re, American Agricultural Insurance, EMC Re, Endurance Re, General Re, Munich Re America, Partner Re, QBE North America, Renaissance Re, SCOR Re, Sirius America Insurance, Swiss Re America, XL Reinsurance America and Transatlantic Re.