A group of 29 U.S. property/casualty reinsurers posted an aggregate combined ratio of 101.2% for 2003, compared with a 121.3% ratio reported by a comparable group of reinsurers for 2002, according to a survey by the Washington-based Reinsurance Assn. of America.
The 2003 combined ratio reflects a 74% loss ratio and a 27.2% expense ratio. The reinsurers wrote $30.63 billion in premium, a 3.8% increase from 2002, according to the RAA.
Net income for the 29 reinsurers was $3.08 billion, a 390% increase from the results reported by a comparable group for 2002. Policyholder surplus totaled $55.92 billion, up 32.9% from the comparable group in 2002.
