US P&C Reinsurers Saw Premiums Grow in First Quarter

A group of 17 US property and casualty (P&C) reinsurers wrote $27.3 billion of net premiums during the first 3 months of this year, according to the Reinsurance Association of America (RAA).

The reinsurers' first-quarter net premiums were up from $24.6 billion during the same period in 2022, according to the RAA.

The group of reinsurers wrote $32.4 billion in gross premiums during the first quarter, up from $27.0 billion during the first quarter of 2022.

The RAA data is based on a survey of the reinsurers' statutory underwriting results.

The RAA survey found that the reinsurers' combined ratio was 95.3 percent during the first quarter, up slightly from 95.1 percent during the first quarter of 2022. The group's first-quarter combined ratio was attributable to a 78.0 percent loss ratio versus 73.3 percent during the same period in 2022 and a 17.3 percent expense ratio, down from 21.8 percent during the first quarter of 2022, the RAA said.

The reinsurers' first-quarter policyholders' surplus was $286.3 billion, up from $254.4 billion the prior quarter, according to the RAA.