Net premiums written in 2005 by leading US reinsurers fell by 13% according to the most recent US Quarterly Report from Benfield's Industry Analysis and Research Team.
Reserving deficiencies and hurricane losses were the primary reasons for a 66% reduction in earnings for the 13 major US reinsurers.
Return on equity was reduced by nearly half and remained positive only as a result of a total investment income of $8.5bn, a figure $2.4bn higher than in 2004.
According to the report, average combined ratio rose 26% to 130%. Only three companies had a combined ratio of less than 100% – none less than 95%.
Unlike their Bermudian counterparts, most US reinsurers retained strong ratings thanks largely to the financial backing of some of the world's largest parent companies.
Larger players continued to dominate the US reinsurance market with the top five companies accounting for 56% of gross premiums.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
