TransRe buys more retrocession in 2018
TransRe’s net premiums written in the 2018 second quarter were roughly flat with the comparable prior year period as a result of higher ceded premiums written due to an increase in retrocessional coverage purchased in 2018, the company said while presenting second quarter results.
The higher ceded premiums written were largely offset by increases in casualty premiums written by the European and Asia-Pacific operations and the impact of changes in foreign currency exchange rates, the firm added.
Net premiums written in reinsurance were broadly stable year on year at $976.6 million in the second quarter of 2018. Underwriting profit in the reinsurance segment was up 12.2 percent year on year at $69.8 million in the second quarter. TransRe’s 2018 second quarter combined ratio was 92.8 percent compared with 93.5 percent for the 2017 second quarter.
TransRe’s lower combined ratio and higher underwriting profit for the second quarter reflect the impact of increases in net premiums earned, the company said.
TransRe remains cautious in the current environment and will be patient until it sees sufficient improvement in rates to warrant meaningful growth in premium writings, the company added.
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